topic Re: paying credit cards off in Credit Cards

paying credit cards off

Anonymous — Fri, 05 Jun 2015 17:22:39 GMT

I have $5000 to pay towards my credit cards and car loans. I have about $40,000 in credit card debt. what is the best way to apply these payments to help my credit score the best? pay off one large bill or pay off little ones. Do I even bother with the secured card loans?

Re: paying credit cards off

Anonymous — Fri, 05 Jun 2015 17:25:59 GMT

Saving money is more important than improving scores. Pay down the cards that are costing you the most in interest charges.

Re: paying credit cards off

Anonymous — Fri, 05 Jun 2015 17:28:43 GMT

I need to raise my score by 10 points the soonest I can so easy to lower it but raising is hard and long it seems

Re: paying credit cards off

Anonymous — Fri, 05 Jun 2015 17:32:27 GMT

Any I pay off should I keep open or close them?

Re: paying credit cards off

JSS3 — Fri, 05 Jun 2015 17:35:24 GMT

Please list the cards, balances, and APRs.

Re: paying credit cards off

Anonymous — Fri, 05 Jun 2015 17:40:34 GMT

I dont have APR's in front of me at this moment (all cards for me and my wife)

citi $6833 payment $255 0% til paid off

citi $10,165 $130 month payment

chase $2850

chase $2220

Bank America $14,487 $300 month payment

Bank American $5003 $100 month paymenyt

CreditOne $482

CreditOne $879

Walmary $457

Menards $2742

Re: paying credit cards off

Anonymous — Fri, 05 Jun 2015 17:45:41 GMT

@Anonymous wrote:
I dont have APR's in front of me at this moment (all cards for me and my wife)
citi $6833 payment $255 0% til paid off
citi $10,165 $130 month payment
chase $2850
chase $2220
Bank America $14,487 $300 month payment
Bank American $5003 $100 month paymenyt
CreditOne $482
CreditOne $879
Walmary $457
Menards $2742

What are the limits on the cards? A big part of scoring is your utilization percentage. If you're close to maxed out, knocking down $5K on that high of balances will likely do nothing to improve your score.

Re: paying credit cards off

Anonymous — Fri, 05 Jun 2015 17:49:08 GMT

citi $6833 payment $255 0% til paid off closed account

citi $10,165 $130 month payment closed account

chase $2850 closed account

chase $2220 closed account

Bank America $14,487 $ was $17,300 but they lowerd limit to $15,000 after I paid $3000 on it

Bank American $5003 $$6000

CreditOne $482 $1000

CreditOne $879 $2000

Walmary $457 $500

Menards $2742 $3600

Re: paying credit cards off

JSS3 — Fri, 05 Jun 2015 19:49:16 GMT

I'd knock out Walmart, Chase, and the two Credit Ones with the 5,000. Those are now zero'd out. I would then add the money saved from knocking out the 4 with the money I get a month; putting more on each card. Focusing heavily on the card with either the highest APR or the lowest balance so I could knock that out next.

Can you edit your post and provide the limits of each card? Wanna know individual utilization. Also, how much a month can you and your wife put towards just credit card payments?

Re: paying credit cards off

JSS3 — Fri, 05 Jun 2015 17:50:52 GMT

Cross with CAPTOOL. Was typing and didn't see his same request for the limits.

Re: paying credit cards off

Anonymous — Fri, 05 Jun 2015 18:17:27 GMT

card credit limit balance payment

citi $ 6,833.00 $ 255.00 closed payment plan 0% til paid off

citi $ 9,819.00 $ 157.00 closed

chase $ 4,600.00 $ 2,850.00 $ 113.00 closed

chase 3,800.00 $ 2,220.00 $ 98.00 closed

bank america 15,000.00 $ 14,487.00 $ 330.00 was $17,300 limit they lowered when made big payment

bank america $6,000.00 $ 5,000.00 $ 103.00

credit one $982.00 $ 482.00 $ 75.00

credit one 2,100.00 $ 879.00 $ 100.00

walmart $500.00 $ 457.00 $ 40.00

menards $ 3,600.00 $ 2,742.00 $ 125.00

capital one $400.00 $ - $ -

apital one $400.00 $ - $ -

walmart 600.00 $ - $ -

Bold are in my name,m regular in wifes. Her score is ok we need to raise mine Always pay minimum on time

Re: paying credit cards off

Anonymous — Fri, 05 Jun 2015 18:25:40 GMT

Pay the cars with the highest interest first

Re: paying credit cards off

Anonymous — Fri, 05 Jun 2015 18:28:36 GMT

You are effectively maxed out. Paying down $5k is not going to improve your score. Do as JSS3 suggests.

Re: paying credit cards off

JSS3 — Fri, 05 Jun 2015 19:29:28 GMT

Starting with 5,000

(-)

482.00 Credit 1
879.00 Credit 1
457.00 Walmart
2,850.00 Chase

= 332 left

Put that 332 on another card(s).

You're now saving 328/month

Tackle, by putting down that extra 328 on, 2,220.00(Chase) or 2,742.00(Menards) next.

-OR-

when you find out the APRs, put the extra towards the cards with the highest ones so more goes towards the principle.

Rinse, wash, repeat.