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Credit card pay off recommendations

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Established Member

Credit card pay off recommendations

After this month I will have paid off another credit card and will have an additional $1100 to apply towards my remaining cards.

My two remaining cards have balances of 8k/12k and 15k/18k. The interest rates are about the same. Should I split the additional funds between the two cards or should I target one card over the other card?

 

 

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Super Contributor

Re: Credit card pay off recommendations


@Gallager2014 wrote:

After this month I will have paid off another credit card and will have an additional $1100 to apply towards my remaining cards.

My two remaining cards have balances of 8k/12k and 15k/18k. The interest rates are about the same. Should I split the additional funds between the two cards or should I target one card over the other card?

 

 


Just keep doing what you have been doing... pay off the 8k balance, then you'll be able to add that monthly payment to your paydown of the 15k balance


Total revolving limits 646000 (570000 reporting) FICO 8 EQ 712 TU 739 EX 727

Message 2 of 4
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Valued Member

Re: Credit card pay off recommendations


@SouthJamaica wrote:

@Gallager2014 wrote:

After this month I will have paid off another credit card and will have an additional $1100 to apply towards my remaining cards.

My two remaining cards have balances of 8k/12k and 15k/18k. The interest rates are about the same. Should I split the additional funds between the two cards or should I target one card over the other card?

 

 


Just keep doing what you have been doing... pay off the 8k balance, then you'll be able to add that monthly payment to your paydown of the 15k balance


+1

As of 6/30
EX - 654
TU - 667
EQ - 638

Garden as of 5/20/2017

Too many cards to list!
Message 3 of 4
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Super Contributor

Re: Credit card pay off recommendations


@Gallager2014 wrote:

After this month I will have paid off another credit card and will have an additional $1100 to apply towards my remaining cards.

My two remaining cards have balances of 8k/12k and 15k/18k. The interest rates are about the same. Should I split the additional funds between the two cards or should I target one card over the other card?

 

 


Congrats on paying off cards to zero.

 

Can you list out the cards you do have, the bank, the credit limit and if there is a balance? All cards, even zero balance cards, and including the two above with their APR.

Reason being if you are chipping away at $23k of balances, at a rate that will take over two years, understanding what you are paying in interest cost, and whether there are any balance transfer options to reduce the monthly interest expense will get you to less debt faster.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
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