topic Re: Which card should I pay down first? in Credit Cards

Which card should I pay down first?

Anonymous — Sun, 11 Apr 2010 12:31:27 GMT

Hi all. So I got lucky and I'm going to have an extra $450 a month. I've decided I'm going to use it solely to pay off debts.

Currently I have the following balances:

Chase MC: $1,739 (24.2 APR)

Capital One MC: $5,199 (7.2 APR)

I'm thinking I should continue to just make minimum payments for now on the Cap1 card, but put the $450 towards the Chase card and get that down to a 0 balance in like 4-5 months. Then when that card is down to 0, then I'll focus on paying down the Cap1 card with $5,199 on it. I hate the Chase card I don't even know why I dared to ever swipe that in the first place with 24.2 APR...ugh.....

So does my plan sound good? Any other suggestions?

Re: Which card should I pay down first?

Uniqua — Sun, 11 Apr 2010 12:54:01 GMT

Good plan. I would do the same as your Chase MC has the higher APR. However, I would avoid only paying the "minimum" on the Cap1. You should try to add a little more on top of that to get it paid off sooner, but only if you can afford to do so. Just a suggestion. P.S., You can swipe the Chase card all day long, just don't carry a balance. That APR is straight robbery!

Re: Which card should I pay down first?

Anonymous — Sun, 11 Apr 2010 13:00:01 GMT

@Uniqua wrote:
Good plan. I would do the same as your Chase MC has the higher APR. However, I would avoid only paying the "minimum" on the Cap1. You should try to add a little more on top of that to get it paid off sooner, but only if you can afford to do so. Just a suggestion. P.S., You can swipe the Chase card all day long, just don't carry a balance. That APR is straight robbery!

Ugh I know I should pay more than the minimum but it's all I can afford now. I only have an income of $780 a month (which explains the debt...it's rather impossible to live off $780 a month in Southern California, especially Orange County)...but I am looking forward to paying the Chase card off. At least it's not 59.99 like First Premier has...yes that is what they offer on their "Gold Card" ..you gotta check it out it will for sure bring a few laughs! https://www.firstpremiergoldapply.com/PersonalInfo.aspx?appid=KY100411075812OKJ just go to fees/rates on the left

Re: Which card should I pay down first?

Anonymous — Sun, 11 Apr 2010 13:14:25 GMT

@Anonymous wrote:
Hi all. So I got lucky and I'm going to have an extra $450 a month. I've decided I'm going to use it solely to pay off debts.

Currently I have the following balances:

Chase MC: $1,739 (24.2 APR)
Capital One MC: $5,199 (7.2 APR)

I'm thinking I should continue to just make minimum payments for now on the Cap1 card, but put the $450 towards the Chase card and get that down to a 0 balance in like 4-5 months. Then when that card is down to 0, then I'll focus on paying down the Cap1 card with $5,199 on it. I hate the Chase card I don't even know why I dared to ever swipe that in the first place with 24.2 APR...ugh.....

So does my plan sound good? Any other suggestions?

you just answered your own question. and gees what some high balances! i always view credit cards as coupons when financing something in the future.

Re: Which card should I pay down first?

Uniqua — Sun, 11 Apr 2010 13:20:42 GMT

59.99 ......... WHAT THE H-E-DOUBLE HOCKEY STICKS?!!!! Somebody, call the police. Have these folks arrested and quick!

I'm glad you pointed this out. Now, stay the hell away from this CC as if your life depends on it!

I understand if you can only pay the minimum at the moment. It happens that way sometimes. As your situation changes, I'm sure you'll get your debt paid off quickly. And with the plan you've just made, I'm sure you'll be fine.

Re: Which card should I pay down first?

Anonymous — Sun, 11 Apr 2010 13:22:35 GMT

@Uniqua wrote:
59.99 ......... WHAT THE H-E-DOUBLE HOCKEY STICKS?!!!! Somebody, call the police. Have these folks arrested and quick!

I'm glad you pointed this out. Now, stay the hell away from this CC as if your life depends on it!

I understand if you can only pay the minimum at the moment. It happens that way sometimes. As your situation changes, I'm sure you'll get your debt paid off quickly. And with the plan you've just made, I'm sure you'll be fine.

Hahahaha. I sure hope the only reason they are asking for your name, address and social security number is to send you an ambulance to admit you in the mental ward! 59.99...can't believe them.

Re: Which card should I pay down first?

Uniqua — Sun, 11 Apr 2010 13:49:55 GMT

@Anonymous wrote:

@Uniqua wrote:
59.99 ......... WHAT THE H-E-DOUBLE HOCKEY STICKS?!!!! Somebody, call the police. Have these folks arrested and quick!

I'm glad you pointed this out. Now, stay the hell away from this CC as if your life depends on it!

I understand if you can only pay the minimum at the moment. It happens that way sometimes. As your situation changes, I'm sure you'll get your debt paid off quickly. And with the plan you've just made, I'm sure you'll be fine.

Hahahaha. I sure hope the only reason they are asking for your name, address and social security number is to send you an ambulance to admit you in the mental ward! 59.99...can't believe them.

LOL. Good one! On top of the 59.99 APR on purchases AND 59.99 on Cash Advances, let's really get a giggle off the other FEES they charge. Shall we?

NOTICE: Some of these set-up and maintenance fees will be assessed before you begin using your Card and will reduce the amount of credit you initially have available. Based on your initial credit limit of $300.00, your initial available credit will be only about $225.00.

Processing Fee - $45.00 (one-time fee)

First Year Annual Fee - $75.00 (one-time fee)

Subsequent Year Annual Fee - $75.00 annually (which will be billed at $6.25 per month)

Cash Advance - $5.00 or 3% of the amount of each Cash Advance, whichever is greater (maximum fee: $10.00)

Foreign Currency - 3% of each transaction amount in U.S. dollars

Late Payment - $29.00 for balances up to and including $500.00, or $35.00 for balances greater than $500.00. (although your initial CL is $300?!)

Return Item Charge - $29.00

Additional Card Fee - $29.00 annually

Autodraft fee - $11.00

Credit Limit Increase Fee - 50% of the amount of the credit limit increase

Internet Access Fee - $3.95 (one-time fee) assessed after you have agreed to this service

ALL OF THIS FOR A $300 CL? Kiss grits, First Premier!

Re: Which card should I pay down first?

MarineVietVet — Sun, 11 Apr 2010 17:26:11 GMT

I agree about paying more than the minimum on the Cap 1 while concentrating on Chase. You say you'll have an extra $450 a month for debt reduction. I would use $25 of that to put towards the Cap 1 in addition to the minimum. CC issuers can get nervous about seeing just minimums each month. That $25 IMO would be a good use of money.

Just my 2 cents.

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

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Re: Which card should I pay down first?

Anonymous — Mon, 12 Apr 2010 07:13:36 GMT

@Anonymous wrote:
Hi all. So I got lucky and I'm going to have an extra $450 a month. I've decided I'm going to use it solely to pay off debts.

Currently I have the following balances:

Chase MC: $1,739 (24.2 APR)
Capital One MC: $5,199 (7.2 APR)

I'm thinking I should continue to just make minimum payments for now on the Cap1 card, but put the $450 towards the Chase card and get that down to a 0 balance in like 4-5 months. Then when that card is down to 0, then I'll focus on paying down the Cap1 card with $5,199 on it. I hate the Chase card I don't even know why I dared to ever swipe that in the first place with 24.2 APR...ugh.....

So does my plan sound good? Any other suggestions?

My advise is same as other members, which is pay more than minimum to Cap 1 and pays most of $450 to Chase MC.

Everyone have different opinion ... you decide how you want to pay.

My opinion is ...

Add $50 to your Cap 1 minimum payment, this will reduce the balance faster than what you are paying right now.

Example ...

For Chase MC ( Balance $1739 Apr 24.2% ) ...

$400/mo x 4 + last payment of $200+ = total of about $1800

For Cap 1 MC ( Balance $5199 Apr 7.2% ) ...

$50 + minimum /mo for 4 months, $250 + minimum for 1 month, and $450 + minimum as long as you can.

With this payments, pay off this CC in 14 months. Estimate your total payments is up to $5300 and interest is up to $300

Re: Which card should I pay down first?

Anonymous — Mon, 12 Apr 2010 11:46:35 GMT

@Anonymous wrote:
@Anonymous wrote:
Hi all. So I got lucky and I'm going to have an extra $450 a month. I've decided I'm going to use it solely to pay off debts.

Currently I have the following balances:

Chase MC: $1,739 (24.2 APR)
Capital One MC: $5,199 (7.2 APR)

I'm thinking I should continue to just make minimum payments for now on the Cap1 card, but put the $450 towards the Chase card and get that down to a 0 balance in like 4-5 months. Then when that card is down to 0, then I'll focus on paying down the Cap1 card with $5,199 on it. I hate the Chase card I don't even know why I dared to ever swipe that in the first place with 24.2 APR...ugh.....

So does my plan sound good? Any other suggestions?
My advise is same as other members, which is pay more than minimum to Cap 1 and pays most of $450 to Chase MC.
Everyone have different opinion ... you decide how you want to pay.

My opinion is ...
Add $50 to your Cap 1 minimum payment, this will reduce the balance  faster than what you are paying right now.

Example ...

For Chase MC  ( Balance $1739 Apr 24.2% )  ...
$400/mo x 4 + last payment of $200+ = total of about $1800

For Cap 1 MC ( Balance $5199 Apr 7.2% ) ...
$50 + minimum /mo for 4 months, $250 + minimum for 1 month, and $450 + minimum as long as you can.
With this payments, pay off this CC in 14 months. Estimate your total payments is up to $5300 and interest is up to $300

Wow, thank you for calculating all that, it's much appreciated! I'll for sure take your advice. I can't wait to get out of all this mess! I'm so eager to finally be paying these balances off.

PS if you (or anyone) was wondering what the minimum payments were for the cards: $54 Chase and $86 for Cap1

Re: Which card should I pay down first?

Anonymous — Tue, 13 Apr 2010 21:55:32 GMT

Re: Which card should I pay down first?

Anonymous — Tue, 13 Apr 2010 23:18:59 GMT

@Anonymous wrote:

@Anonymous wrote:
@Anonymous wrote:
Hi all. So I got lucky and I'm going to have an extra $450 a month. I've decided I'm going to use it solely to pay off debts.

Currently I have the following balances:

Chase MC: $1,739 (24.2 APR)
Capital One MC: $5,199 (7.2 APR)

I'm thinking I should continue to just make minimum payments for now on the Cap1 card, but put the $450 towards the Chase card and get that down to a 0 balance in like 4-5 months. Then when that card is down to 0, then I'll focus on paying down the Cap1 card with $5,199 on it. I hate the Chase card I don't even know why I dared to ever swipe that in the first place with 24.2 APR...ugh.....

So does my plan sound good? Any other suggestions?
My advise is same as other members, which is pay more than minimum to Cap 1 and pays most of $450 to Chase MC.
Everyone have different opinion ... you decide how you want to pay.

My opinion is ...
Add $50 to your Cap 1 minimum payment, this will reduce the balance  faster than what you are paying right now.

Example ...

For Chase MC  ( Balance $1739 Apr 24.2% )  ...
$400/mo x 4 + last payment of $200+ = total of about $1800

For Cap 1 MC ( Balance $5199 Apr 7.2% ) ...
$50 + minimum /mo for 4 months, $250 + minimum for 1 month, and $450 + minimum as long as you can.
With this payments, pay off this CC in 14 months. Estimate your total payments is up to $5300 and interest is up to $300

Wow, thank you for calculating all that, it's much appreciated! I'll for sure take your advice. I can't wait to get out of all this mess! I'm so eager to finally be paying these balances off.
PS if you (or anyone) was wondering what the minimum payments were for the cards: $54 Chase and $86 for Cap1

Alright, My calculation is not exactly how they do, but it helps for planning.
I calculated with 1% of balance is as your minimum pay on Cap 1.
With $54 on Chase and $86 for Cap 1 minimum pay, the calculation will change.
Also I include the April interest since I do not know those CCs biling cycle.

For Chase MC ... let's say current balance is $1739 include an interest to the balance after you made last payment. If you pay $54 + $400 this time, new balance before add interest is $1285. Then add interest with 24.2% APR ( $1739 x 24.2% divide with 12mo/yr for an estimate), which is around $35. Your next statement estimate balance will be $1285 + $35 = $1320. Repeat this calculation ... some like this ...

Your minimum payment amount will change as you pay, but I kept that amount in calculations.

Interest	Balance	Minimum Due	add	New Balance
	$1,739.00	$54.00	$400.00	$1,285.00
$35.07	$1,320.07	$54.00	$400.00	$866.07
$26.62	$892.69	$54.00	$400.00	$438.69
$18.00	$456.69
$79.69

You should able to finish on Chase MC in 4 payments. Before you make a last payment, must call them and ask for the PIF balance for that day and make sure to pay that mount they give to you. If not, you still have to pay the interest on 5th payment.

For Cap 1 ... let's say current balance is $5199 include an interest to the balance after you made last payment. If you pay $86 + $50 this time, new balance before add interest is $5063. Then add interest with 7.2% APR ( $5199 x 7.2% divide with 12mo/yr for an estimate), which is around $31. Your next statement estimate balance will be $5063 + $31 = $5094. Repeat this calculation ... some like this ...

Your minimum payment amount will change as you pay, but I kept that amount in calculations.

Interest	Balance	Minimum Due	add	New Balance
	$5,199.00	$86.00	$50.00	$5,063.00
$31.19	$5,094.19	$86.00	$50.00	$4,958.19
$30.57	$4,988.76	$86.00	$50.00	$4,852.76
$29.93	$4,882.69	$86.00	$50.00	$4,746.69
$29.30	$4,775.99	$86.00	$450.00	$4,239.99
$28.66	$4,268.64	$86.00	$450.00	$3,732.64
$25.61	$3,758.26	$86.00	$450.00	$3,222.26
$22.55	$3,244.81	$86.00	$450.00	$2,708.81
$19.47	$2,728.27	$86.00	$450.00	$2,192.27
$16.37	$2,208.64	$86.00	$450.00	$1,672.64
$13.25	$1,685.90	$86.00	$450.00	$1,149.90
$10.12	$1,160.01	$86.00	$450.00	$624.01
$6.96	$630.97	$86.00	$450.00	$94.97
$3.79	$98.76
$267.76

On your fifth payment, since PIF on Chase MC, it may be a little less than $450 additional on this payment. But it shouldn't be affect that much.

You should able to finish on Chase MC in 14 payments as long as you can pay the same amount every month. Before you make a last payment, must call them and ask for the PIF balance for that day and make sure to pay that mount they give to you. If not, you still have to pay the interest on 15th payment.