Bills Due... Please I need some quick guidance

[pip3man]

hey fellow myFICOers I need and would really appreciate some directions here. I will try to be as brief as possible. I have 6 bills due tomorrow but unfortunately I'm running low on funds right now and only got $2000 to split amongst the accounts. Most of them are either on special financing and/or zero percent APR

Citi balance $1915.86 - minimum due $29.90   (APR 17.99%) CL $2000

SYNCB balance $599.71 - minimum due $25   (0% 12months special financing APR for a new TV) CL $1500

Discover balance $1412.26 - minimum due $35 (0% 15months APR - did a BT)  CL $1500

Barclay balance $864.33 - minimum due $20     (0% APR for 12months - did a BT) CL $1000

Macys AMEX balance $886.01 - minimum due $31         (24.50% APR) CL $3000

TD balance $342.69 - minimum due $35             (0% APR) CL $1000

Based on my limited funds, how and what will be the best way to allocate the payments in a cost effective way as well as not to have too many high/maxed balances reporting at the same time? Thank you so much for any guidance

[myjourney]

How much of the 2k can you afford to apply

[Glkslngr]

I would do:

Citi: $271.30
SYNCB: $100.00
Discover: $200.00
Barclay: $200.00
Macys: $886.01
TD: $342.69

I would do this to pay off smaller balances this month and keep at zero, so that I may allocate more funds to the accounts with higher interest rates next month. 

[Luscher]

In the interest of you saving money and not boosting score I would pay the minimum on all crds that have 0% apr and put the rest to the other 2 cards.

[ILBrian]

Unless you need credit now I would do the following:

Citi balance $1915.86 - minimum due $29.90 (APR 17.99%) CL $2000 1020.67
SYNCB balance $599.71 - minimum due $25 (0% 12months special financing APR for a new TV) CL $1500 25
Discover balance $1412.26 - minimum due $35 (0% 15months APR - did a BT) CL $1500 35
Barclay balance $864.33 - minimum due $20 (0% APR for 12months - did a BT) CL $1000 864.33
Macys AMEX balance $886.01 - minimum due $31 (24.50% APR) CL $3000 20
TD balance $342.69 - minimum due $35 (0% APR) CL $1000 35

Pay highest APR balances first and min on all others.

[CaptainAmerica]

---

@pip3man wrote:

hey fellow myFICOers I need and would really appreciate some directions here. I will try to be as brief as possible. I have 6 bills due tomorrow but unfortunately I'm running low on funds right now and only got $2000 to split amongst the accounts. Most of them are either on special financing and/or zero percent APR

Citi balance $1915.86 - minimum due $29.90   (APR 17.99%) CL $2000

SYNCB balance $599.71 - minimum due $25   (0% 12months special financing APR for a new TV) CL $1500

Discover balance $1412.26 - minimum due $35 (0% 15months APR - did a BT)  CL $1500

Barclay balance $864.33 - minimum due $20     (0% APR for 12months - did a BT) CL $1000

Macys AMEX balance $886.01 - minimum due $31         (24.50% APR) CL $3000

TD balance $342.69 - minimum due $35             (0% APR) CL $1000

Based on my limited funds, how and what will be the best way to allocate the payments in a cost effective way as well as not to have too many high/maxed balances reporting at the same time? Thank you so much for any guidance

---

Hi mister-endowed,

Based on what you've written, assuming you can apply the entire $2,000 towards these bills, I would allocate the funds accordingly:

Macys AMEX - Pay off the entire $886.01 (It's the highest interest credit card (24.50% APR) so you want to get rid of the balance ASAP)

SYNCB balance - pay minimum due $25  (since it has 0%, you can make the minimum payment for now until you pay off all of your cards with high APR)

Discover balance pay minimum due $35  (since it has 0%, you can make the minimum payment for now until you pay off all of your cards with high APR)

Barclay balance - pay minimum due $20  (since it has 0%, you can make the minimum payment for now until you pay off all of your cards with high APR)  

TD balance  - pay minimum due $35 (since it has 0%, you can make the minimum payment for now until you pay off all of your cards with high APR)          

Citi balance - put the remaining money you have ($998.99) on this card since it has the second highest APR of 17.99% so you want to focus on this one until it's fully paid off so you aren't paying any more in interest than you have to.

Hope that helped!

[heyarrnold]

---

@pip3man wrote:

hey fellow myFICOers I need and would really appreciate some directions here. I will try to be as brief as possible. I have 6 bills due tomorrow but unfortunately I'm running low on funds right now and only got $2000 to split amongst the accounts. Most of them are either on special financing and/or zero percent APR

Citi balance $1915.86 - minimum due $29.90   (APR 17.99%) CL $2000 Quite maxed out. Lower this down. Pay $500

SYNCB balance $599.71 - minimum due $25   (0% 12months special financing APR for a new TV) CL $1500 Make the min payment

Discover balance $1412.26 - minimum due $35 (0% 15months APR - did a BT)  CL $1500 Quite maxed out. Lower this down. Pay $500

Barclay balance $864.33 - minimum due $20     (0% APR for 12months - did a BT) CL $1000 Quite maxed out. Lower this down. Pay $500

Macys AMEX balance $886.01 - minimum due $31         (24.50% APR) CL $3000 Pay $440. Your interest would be $9.

TD balance $342.69 - minimum due $35             (0% APR) CL $1000 Make the min payment

Based on my limited funds, how and what will be the best way to allocate the payments in a cost effective way as well as not to have too many high/maxed balances reporting at the same time? Thank you so much for any guidance

---

[Anonymous]

As you can see from the responses, it depends on the goal.

1) Score.   Worry about cards being maxed out

2) Interest charges.  Pay minimums on 0% and as much as you can on the others, with the highest APR getting most

And it also depends on the longer term.   If this is a temporary shortage of funds, then certainly I'm in camp 2.  You shouldn't be apping anyway, so minimize interest.

If this is going to last longer, you may need to start thinking about reducing maxed out cards to avoid big score drops and balance chasing.

But for this month, my vote is route 2.

[peaceonearth]

---

@pip3man wrote:

hey fellow myFICOers I need and would really appreciate some directions here. I will try to be as brief as possible. I have 6 bills due tomorrow but unfortunately I'm running low on funds right now and only got $2000 to split amongst the accounts. Most of them are either on special financing and/or zero percent APR

Citi balance $1915.86 - minimum due $29.90   (APR 17.99%) CL $2000

SYNCB balance $599.71 - minimum due $25   (0% 12months special financing APR for a new TV) CL $1500

Discover balance $1412.26 - minimum due $35 (0% 15months APR - did a BT)  CL $1500

Barclay balance $864.33 - minimum due $20     (0% APR for 12months - did a BT) CL $1000

Macys AMEX balance $886.01 - minimum due $31         (24.50% APR) CL $3000

TD balance $342.69 - minimum due $35             (0% APR) CL $1000

Based on my limited funds, how and what will be the best way to allocate the payments in a cost effective way as well as not to have too many high/maxed balances reporting at the same time? Thank you so much for any guidance

---

1) I pay off the Macy's AMEX with the 24.50% APR first.
2) Pay half of the balance on the Citi with 17.99% APR
3) Pay as much as you can on the remaining cards

[Closingracer99]

---

@pip3man wrote:

hey fellow myFICOers I need and would really appreciate some directions here. I will try to be as brief as possible. I have 6 bills due tomorrow but unfortunately I'm running low on funds right now and only got $2000 to split amongst the accounts. Most of them are either on special financing and/or zero percent APR

Citi balance $1915.86 - minimum due $29.90   (APR 17.99%) CL $2000

SYNCB balance $599.71 - minimum due $25   (0% 12months special financing APR for a new TV) CL $1500

Discover balance $1412.26 - minimum due $35 (0% 15months APR - did a BT)  CL $1500

Barclay balance $864.33 - minimum due $20     (0% APR for 12months - did a BT) CL $1000

Macys AMEX balance $886.01 - minimum due $31         (24.50% APR) CL $3000

TD balance $342.69 - minimum due $35             (0% APR) CL $1000

Based on my limited funds, how and what will be the best way to allocate the payments in a cost effective way as well as not to have too many high/maxed balances reporting at the same time? Thank you so much for any guidance

---

Personally I would Pay in Full the Barclay's and Amex or Amex and TD and spread the rest out evenly