Debt management help.

[Anonymous]

Hello MyFICO forumers,

Just looking for some opinions or maybe looking for some hands on experience. Currently being actived for the Navy October 3 for approximately 6ish months. Already notified creditors of it and SCRA will kick in for mortgage and three credit cards and car loan suspended for the time.

Currently my balances on CC are Discover 0 APR until December 4000/20000, Amex 0 APR till December 1000/18000, BoFA 300/5000, Captial one 0/8500, CSP no idea currently we pay in full monthly/10,300, NFCU 0/22100, NFCU CLOC 0/15000, freedom 0/6300.

Due to a drastic pay cut of 70 percent and covering mortgage I was thinking of paying off BOFA, I can do amex but would prefer not to, and Discover zero APR runs out December. If it was for being actived I would have been able to pay off the balances to not hit interest due.

My question is should I consolidate and balance transfer to one card for simplicity of payments? Or just pay Amex and Discover separately for the time pierod? All, should I just set up automatic payment for minimum? If I do will that have a negative look with those two creditors? Or pay a few hundred each?

Thanks

[HeavenOhio]

Paying only the minimum is generally frowned upon. If you're thinking in terms of that strategy, paying "substantially" over the minimum (maybe three times the minimum) is the number that's generally suggested here. Your minimums are going to be low enough that paying more than that shouldn't make much difference. I'll leave opinions on balance transfers to others.

Definitely pay off the small BoFA balance so you don't have to worry about it.

[Anonymous]

Wonder due to the circumstances and SCRA kicking in if paying the minimum is still frowned upon. Amex flat out said they will drop my APR to zero for a year once they received my orders and confirmed my dates of active duty.