Paying Off Credit Cards Strategy?

[93stallion302]

Besides PIF which I know is the best practice. 

What methods do you guys prefer in paying cc debt? 

Lets say I have 6k in debt and that is spread across 5 cards? Overall UTIL is 35% 

Should I PIF on one of them and smaller payments on the rest? or should I pay the same amount on all 5 and bring them down equally? 

Do I pay the one with the balance closest to its limit? Im bsaicaly looking to make 1k in payments. How should I spread it out? 

Overall UTIL will be the same no matter how I make the payments just dont know if there is a strategic way of doing this?

[dodgerslv]

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@93stallion302 wrote:

Besides PIF which I know is the best practice. 

What methods do you guys prefer in paying cc debt? 

Lets say I have 6k in debt and that is spread across 5 cards? Overall UTIL is 35% 

Should I PIF on one of them and smaller payments on the rest? or should I pay the same amount on all 5 and bring them down equally? 

Do I pay the one with the balance closest to its limit? Im bsaicaly looking to make 1k in payments. How should I spread it out? 

Overall UTIL will be the same no matter how I make the payments just dont know if there is a strategic way of doing this?

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If its a 0% interest promotion card and its near its limit, there is not rush in paying down significantly right away..if you are going to apply for any new credit, then thats another story but always pay the ones with the highest interest rate first and then work yourself down...no use paying extra money for keeping a balance on a 20%+ interest card. Im sure others can chime in for more advice.

[lhcole77]

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@dodgerslv wrote:

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@93stallion302 wrote:

Besides PIF which I know is the best practice. 

What methods do you guys prefer in paying cc debt? 

Lets say I have 6k in debt and that is spread across 5 cards? Overall UTIL is 35% 

Should I PIF on one of them and smaller payments on the rest? or should I pay the same amount on all 5 and bring them down equally? 

Do I pay the one with the balance closest to its limit? Im bsaicaly looking to make 1k in payments. How should I spread it out? 

Overall UTIL will be the same no matter how I make the payments just dont know if there is a strategic way of doing this?

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If its a 0% interest promotion card and its near its limit, there is not rush in paying down significantly right away..if you are going to apply for any new credit, then thats another story but always pay the ones with the highest interest rate first and then work yourself down...no use paying extra money for keeping a balance on a 20%+ interest card. Im sure others can chime in for more advice.

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Agreed! I have 4 revolvers and 1 charge. I'm taking advantage of 2 cards with 0% APR. Overall UTL is ~25%. I was letting all 5 report balances (even if small) and then PIF on 3 of the 5.

Now I am not letting balances report on those 3 and am still carrying on 2. I expect to see a bump in scoring.

[Anonymous]

If you are planning to apply for credit cards then I would say put the balance on one card.

From my experience with chase - I applied for the united card and I had 50% balance on 2 cards, the recon lady said you are carrying balances on differetn accounts, if one of them was more than 50% we can do something but its more than one. 

[myjourney]

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@dodgerslv wrote:

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@93stallion302 wrote:

Besides PIF which I know is the best practice. 

What methods do you guys prefer in paying cc debt? 

Lets say I have 6k in debt and that is spread across 5 cards? Overall UTIL is 35% 

Should I PIF on one of them and smaller payments on the rest? or should I pay the same amount on all 5 and bring them down equally? 

Do I pay the one with the balance closest to its limit? Im bsaicaly looking to make 1k in payments. How should I spread it out? 

Overall UTIL will be the same no matter how I make the payments just dont know if there is a strategic way of doing this?

---

If its a 0% interest promotion card and its near its limit, there is not rush in paying down significantly right away..if you are going to apply for any new credit, then thats another story but always pay the ones with the highest interest rate first and then work yourself down...no use paying extra money for keeping a balance on a 20%+ interest card. Im sure others can chime in for more advice.

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+3 correct

[93stallion302]

NOt apply for credit anytime soon. Im in the garden. 

All the cards are in 0% Promo status. 

[myjourney]

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@93stallion302 wrote:

NOt apply for credit anytime soon. Im in the garden. 

All the cards are in 0% Promo status. 

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Good ERT's are watching LOL