I would pay off the AMEX EveryDay card to zero, wait for a statement to cut to see the last interest charge, pay that last interest amount the day after the statement is available, and then a few days later, start using only the EveryDay card for all daily spend. Pay it frequently throughout the month, but you need a vehicle to make new charges without adding to your existing debt / interest cost. Try to pay off the $500 Cap One card to have that available for the times AMEX is not accepted.
I would transfer the amount off the Barclays card to the Citi cards, taking each of those to 80% or 85% Utilization and try to get the Barclays card to zero in the hope of freeing up a BT to that Barclays card. If a BT is available, then transfer other balances to Barclays. If they do CLD after you have the balances on Barclays just continue to pay it down, don't panic.
Moving balances off the Cap One $2k card is next. Continue to keep up with all the cards of course, but you want to have the $2k Cap One at zero when the Barclays and each Citi card goes back to regular APR, because you may want to park amounts on the Cap One while you line up the next BT move.
Good luck!
@lisbonic wrote:Hello all,
So I have spent the past 2 years adding cards and trying to rebuild by credit profile. I have accumulated several cards and utilized them all fairly heavy.
I have now had an unfortunate finacial set back (I had an employer go out of business that owed me almost $10k in commision) that suddenly has left me trapped with high utilization and now interest payments due. We purchased a house last year and added many furnishings with the various cards,knowing that Id pay them off with commision checks. Those never came as I metnioned. If I had known, we obviously wouldnt have spent as much as we did.
I recently took two Citi cards with good balance transfer offers in an attempt to shuffle cards and allow me to save interest while I start trying to whittle away at the balances.
I have never done a balance transfer before and wanted some eyes to have a look at tell me if I am missing anything/pitfalls/ ideal money movement thoughts.
Account Credit Limit Total Balance Usage Rate % Balance til 30% Interest Rate Barclays Rewards $ 3,900.00 $ 3,739.28 96% $ 2,569.28 25.49% Merrick Bank $ 1,700.00 $ 1,292.13 76% $ 782.13 24.45% AMEX Everyday $ 1,500.00 $ 160.00 16% $ (140.00) 23.49% Capital One Quick $ 2,150.00 $ 2,057.75 96% $ 1,412.75 23.40% Capital One Quick $ 500.00 $ 272.79 55% $ 122.79 23.40% DCU Platnium $ 5,000.00 $ 4,341.01 87% $ 2,841.01 15.50%
I have now received a Citi Simplicity Card and a Citi Diamon Prefered Card.
Citi Simply - $1,000 0.00% Promo APR for 21 months on Balance Transfers, 13.49% after
Citi Diamond - $1,800 0.00% Promo APR for 21 months on Balnce Transfers, 12.49% after
How shoudl I proceed? Clearly, even after the almost 2 years is up, they will both be my lowest rate cards. I am probably spending $500 or so a month on these cards already, as interest has kicked in on all of them.
Thoughts?
Sorry for the troubles. If you aren't already using a debt calculator spreadsheet, this is one I've used and is good to play with scenarios.
https://www.vertex42.com/Calculators/debt-reduction-calculator.html
I think before you go loan route, use the cards that you have to get some relief from interest. If you used the Citi Diamond $1.8k card to pay the Merrick, AMEX, and lower Cap1 QS with the Citi Simply knocking down the Barlcay $1k seems like you can save almost $700, assuming you aren't putting more on them. Again, you can play with alternatives. Either way, put 'em away and get a plan on paying them down over time.
Good luck.
