What should I do with 8 grand.

[clocktick]

After the $8000, how much can you throw at your credit cards each month roughly?

[Anonymous]

Clocktick,

About 1500.

[Josh2942]

This is crazy bro! I would suggest paying those store cards because im sure the interest rate is over 15%. 

[Anonymous]

Thanks Josh,

Yes this is crazy but sh*t happens. To be honest the only store card that has a high interest rate is Lowes; I only have 3 store cards carrying balances.

[dabrian]

I would payoff starting with the highest apr. This probably isn't the optimal thing to do fico score wise but  atm your credit score is the least of your concerns. If your successful over the next 4-6 months in paying down $1500 hundred a month I would bet you would then qualify for balance transfer card (chase slate,etc).   

[Kenny]

I agree --- pay high interest first --- when you pay off the lowe's then ask for a CLI as well.. that should help with utilization. (This is the time to be asking everyone for a CLI... I wouldn't do HPs but if they are SP then ask.)

[Anonymous]

Dabrian, thanks. Your suggestion makes perfect sense.

[Anonymous]

Kennys2006 thanks,

Even when my Lowes card was maxed out the increase my credit limit a total of 3 times in a year. GECRB gives out credit limit increases nearly ever 4 months for me. I have perfect payment history with every account.

[Themanwhocan]

I would pay everything down ASAP so that all creditors see that you do not have cards near their limits, not their cards and not any competitors cards. If you can call Capital One and convince them not to rate chase you on all 4 cards, that would be good too.

It would seem you could get to 60% usage by paying $7903. That would be my suggestion.

[clocktick]

If I have all of my calculations correct, your utilization now is around 78% and the $8000 will bring it down to around 56%...that is, until the statements hit again and the new interest is tacked on.  It seems your minimum payments on these in total is around $600 or just under?

Is your Military Star 8200 or 8700 (looking at your siggy)?

I think I would pay off the Lowes which leaves 3200. I think I would move cards 2, 3, 4 and 5 over to the Military Star IF they have a good balance transfer rate or 0%.  Do you have a personal relationship with them where you could possibly get a CLI?  That would bring that balance to 7178/8200 and you'd have to pay the minimum which is probably around $145ish afterwards.  That leaves you with 3055 left and 5 cards reporting 0 balance.

Oops, i Just realized you have 2 cards that say "card 8" so you'd have 5/10 cards reporting 0 balance. 

I'm not done yet but am wondering is the Bank of America card the same as the Rooms To Go card or are they 2 separate cards?  If separate, what is the BofA CL?