The GREAT CC Payoff Challenge!!

[Anonymous]

Capital One: $1903.91, APR: 17.9%

Citi Bank World: $2996.28, APR: 9.24%

Citi Simplicity: $1913.67, APR: 0%

Chase: $434.16, APR: 6.0%

Best Buy: $525, APR: 0%

Guitar Center: $295.14, APR: 0%

Amazon: $250, APR: 25.99%

Total: $8318.16

Goal: Paid in full by June 2015

[Anonymous]

Count me in... I will pay off ALL my revolving accounts & keep it at an 30 % balance or lower the whole year or should I just keep it at an 0 balance???

[Anonymous]

I want to take the challenge!:

[norhplatter]

I retired may 2013 and started paying off accounts. I am down to 100 wells fargo from 10000 total all cards. In jan i got amex 1000 barclay 1000 nfcu 5000. It had been difficult to get a card before because jan feb 2012 was some missed payments. Jan also added walnart hsn and a couple others. Now pay off before 30 days applied for and recd wex fleet also. Credit score dropped but will recover

[RCFL]

Paid off my 3k credit card debt in January and now I only owe Barclays $40. My overall util. is 1%

Although it felt like I stabbed myself in the heart with a knife when I paid it off but afterward, I felt great about it.

[mszuki1000]

My Goal is to pay off my credit cards by June 2014 which is my Home Purchase month. As of Feb 2014 my credit scores are TU 651...EQ 638...EX 637..... My goal score is 700 by June 2014. This forum is awesome.....Keeps me motivated!!!!!

Credit Card           APR          Balance         

Capital One          $2000         $1937

Capital One          $300           $227

Credit One           $550           $369

I have some work cut out for me by June.......

[titanofold]

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@Anonymous wrote:
Count me in... I will pay off ALL my revolving accounts & keep it at an 30 % balance or lower the whole year or should I just keep it at an 0 balance???

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For score optimization you want all but one CC reporting $0. That final CC you want to report between 1% and 9% of its CL.

However, the goal here is to eliminate the debt you've carried for far too long. Once you've done that you may use the cards how you like, but you want to use them in lieu of using your check card or cash so you're able to PIF each month.

You only need to worry about optimization when you're going to apply for a new TL or if you're seeking a CLI. The FICO score has no memory of your utilization.

[titanofold]

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@mszuki1000 wrote:

My Goal is to pay off my credit cards by June 2014 which is my Home Purchase month. As of Feb 2014 my credit scores are TU 651...EQ 638...EX 637..... My goal score is 700 by June 2014. This forum is awesome.....Keeps me motivated!!!!!

Credit Card           APR          Balance         

Capital One          $2000         $1937

Capital One          $300           $227

Credit One           $550           $369

I have some work cut out for me by June.......

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Yes, but not that much work. You are looking at about $785 per month you need to pay out to get down to optimum levels by June. Not too tough, but I'd be looking at cinching my belt a bit.

[BigBS]

Was already doing this on my own and will post my data later.  Wishing everyone success!

[Uppingmyscore]

Count me in...I will post my information later this afternoon.