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Which Card Would You Pay Down?

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longtimelurker
Epic Contributor

Re: Which Card Would You Pay Down?

Often when people are paying off credit cards, the two most common strategies are

1) Highest interest first.  This saves the most money

2) Lowest balance first.  This allows you to feel the progress of paying off a card fairly quickly.  (If your highest interest balance is large, then strategy 1 sometimes feels like little progress is being made, as the balance decreases slowly)

 

In your situation, 1 and 2 are the same, so the choice is clear!

 

You mentioned CLI possibilities and this really shouldn't be in the picture.  Paying off Barclays rather than Target means you are losing real money against a somewhat nebulous chance that it may make it more likely to get a CLI.  With Barclays, no way of knowing at all!  Worry about that when interest charges (and utilization) are lower, and the best way to speed that up is, like everyone says, paying Target.

Message 11 of 12
mikey78
Frequent Contributor

Re: Which Card Would You Pay Down?

I don't know but it's just a suggestion .. maybe you can even ask to see if they can work on lowering your apr? 22.9 a bit much

i don't know if they will lower it or if they do it will mean that will apply to the balance or towards your new purchases

but worth a brainstorm shot


Current score TU 708, EX 686 EQ 715
Status I.T.Garden Till 08/2014
Message 12 of 12
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