Frequent Contributor
sakhalin070
Posts: 290
Registered: ‎08-28-2012
Re: What Credit Cards should I pay off?

dl5770 wrote:

Hello all!

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.

 

AMEX BCE, Discover IT, Citi Forward, BoA Travel Rewards

FICO: TU 781 EX 776 Last App: November 2012