Repaying multiple cards/accounts

[oracles]

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@webhopper wrote:

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@oracles wrote:

@webhopper wrote:

Figure out how much you can put towards these cards and pay them in order from smallest to largest, paying only minimum payments to the ones with larger balances. Pay the most to the one with the smallest balance  Also, you could try picking up some extra money by mowing grass or babysitting for a neighbor... 

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Actually, i would do the total opposite. Pay the large balances first and pay the minmum on the small accounts. You save more money

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What you save in money you lose in momentum of paying them off.  Once the smaller balances are paid, you apply the minimum payment from those to your larger balances, so. For people with debt, they may need some wins to keep them going psychologically.

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For people who allow the thought of saving themselves money should be more than enough momentum for them to continue in this fashion i would think

EDIT: But i agree no way is incorrect

[Anonymous]

I've got:

Orchard Bank

Limit 720, balance 724

CAp One

Limit 750 balance 722.21

Cap One, limit 750, balance 717.08

BestBuy Reward Zone limit 500, balance 475.37

Not sure of APR's, but probabaly all in the 20%'s.

First check of the month I have about $300 after rent, secon check about 700 after bills.

[Anonymous]

I'd start with the Orchard Bank, just because that one is actually over the 100% of it's CL.

Go verify tonight what your APR's are for each card. Since your balances/credit lines are pretty low, I'd personally take the APR approach. I'd pay the minimums on 3 of the cards and attack the highest APR first, AFTER you get that Orchard under 100% of its threshold.

Once you've paid off one card, pay the minimums on 2 of those cards and what you paid on Card A, you put on Card B so it'd be Card B's minimum + Card A's monthly payment. And then so on and so forth.

But get your APR's straight. And get that Orchard Bank card straightened out.

[oracles]

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@Anonymous wrote:

I'd start with the Orchard Bank, just because that one is actually over the 100% of it's CL.

Go verify tonight what your APR's are for each card. Since your balances/credit lines are pretty low, I'd personally take the APR approach. I'd pay the minimums on 3 of the cards and attack the highest APR first, AFTER you get that Orchard under 100% of its threshold.

Once you've paid off one card, pay the minimums on 2 of those cards and what you paid on Card A, you put on Card B so it'd be Card B's minimum + Card A's monthly payment. And then so on and so forth.

But get your APR's straight. And get that Orchard Bank card straightened out.

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+1

[Walt_K]

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@Anonymous wrote:

I've got:

Orchard Bank

Limit 720, balance 724

CAp One

Limit 750 balance 722.21

Cap One, limit 750, balance 717.08

BestBuy Reward Zone limit 500, balance 475.37

Not sure of APR's, but probabaly all in the 20%'s.

First check of the month I have about $300 after rent, secon check about 700 after bills.

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If you're saying that you have $1000 per month to put toward your CCs, this really doesn't matter that much.  They'll all be paid off in about 2.5 months.  I might start with Orchard just because it is over the limit.  Other than that, as mentioned above, highest APR first saves most money (but 2.5 months isn't going to make much difference especially if APRs are all similar). 

[john398]

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@Walt_K wrote:

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@Anonymous wrote:

I've got:

Orchard Bank

Limit 720, balance 724

CAp One

Limit 750 balance 722.21

Cap One, limit 750, balance 717.08

BestBuy Reward Zone limit 500, balance 475.37

Not sure of APR's, but probabaly all in the 20%'s.

First check of the month I have about $300 after rent, secon check about 700 after bills.

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If you're saying that you have $1000 per month to put toward your CCs, this really doesn't matter that much.  They'll all be paid off in about 2.5 months.  I might start with Orchard just because it is over the limit.  Other than that, as mentioned above, highest APR first saves most money (but 2.5 months isn't going to make much difference especially if APRs are all similar). 

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+1 really a little will power an d not eatting out as much does wonders

[LS2982]

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@Walt_K wrote:

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@Anonymous wrote:

I've got:

Orchard Bank

Limit 720, balance 724

CAp One

Limit 750 balance 722.21

Cap One, limit 750, balance 717.08

BestBuy Reward Zone limit 500, balance 475.37

Not sure of APR's, but probabaly all in the 20%'s.

First check of the month I have about $300 after rent, secon check about 700 after bills.

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If you're saying that you have $1000 per month to put toward your CCs, this really doesn't matter that much.  They'll all be paid off in about 2.5 months.  I might start with Orchard just because it is over the limit.  Other than that, as mentioned above, highest APR first saves most money (but 2.5 months isn't going to make much difference especially if APRs are all similar). 

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+1