Re: What Credit Cards should I pay off?
12-07-2012 01:03 AM
I am new to this board and it appears to be a great resource to get some solid advise.
I am coming into some money ($18,000) in January and would like to take the best approach in paying off some Credit Cards. Both for Credit Score and peace of mind!
Here's my situation (listed by highest ARP):
Cap 1 (17.9%) - $575 balance ($5,000)
AMEX (17.24%) - $7,722 balance ($8,000 limit)
Discover (12.99%) - $6,118 balance ($7,200 limit)
Chase (12.24%) - $4,913 balance ($5,500 limit)
BOA (9.24%) - $9,927 balance ($11,100 limit)
Citi (6.24%) - $9,355 balance ($9,500)
My thoughts are: Cap 1, AMEX and BOA....OR.....Cap 1, AMEX, Discover and Chase (most of)
Any input would be great!!
You could knock out your Capi 1 really fast. Assuming your $18,000 is used to pay off debt (of course, this may not be the case) I would then set AMEX as your priority (PIF!!) , and spread the remaining amount you have on your other cards.
FICO: EX 802 Last App: November 2012