Which card should I pay down first?

Anonymous · ‎04-11-2010

Hi all. So I got lucky and I'm going to have an extra $450 a month. I've decided I'm going to use it solely to pay off debts.

Currently I have the following balances:

Chase MC: $1,739 (24.2 APR)

Capital One MC: $5,199 (7.2 APR)

I'm thinking I should continue to just make minimum payments for now on the Cap1 card, but put the $450 towards the Chase card and get that down to a 0 balance in like 4-5 months. Then when that card is down to 0, then I'll focus on paying down the Cap1 card with $5,199 on it. I hate the Chase card I don't even know why I dared to ever swipe that in the first place with 24.2 APR...ugh.....

So does my plan sound good? Any other suggestions?

Uniqua · ‎04-11-2010

Good plan. I would do the same as your Chase MC has the higher APR. However, I would avoid only paying the "minimum" on the Cap1. You should try to add a little more on top of that to get it paid off sooner, but only if you can afford to do so. Just a suggestion. P.S., You can swipe the Chase card all day long, just don't carry a balance. That APR is straight robbery!

Anonymous · ‎04-11-2010

@Uniqua wrote:
Good plan. I would do the same as your Chase MC has the higher APR. However, I would avoid only paying the "minimum" on the Cap1. You should try to add a little more on top of that to get it paid off sooner, but only if you can afford to do so. Just a suggestion. P.S., You can swipe the Chase card all day long, just don't carry a balance. That APR is straight robbery!

Ugh I know I should pay more than the minimum but it's all I can afford now. I only have an income of $780 a month (which explains the debt...it's rather impossible to live off $780 a month in Southern California, especially Orange County)...but I am looking forward to paying the Chase card off. At least it's not 59.99 like First Premier has...yes that is what they offer on their "Gold Card" ..you gotta check it out it will for sure bring a few laughs! https://www.firstpremiergoldapply.com/PersonalInfo.aspx?appid=KY100411075812OKJ just go to fees/rates on the left

Anonymous · ‎04-11-2010

@Anonymous wrote:
Hi all. So I got lucky and I'm going to have an extra $450 a month. I've decided I'm going to use it solely to pay off debts.

Currently I have the following balances:

Chase MC: $1,739 (24.2 APR)
Capital One MC: $5,199 (7.2 APR)

I'm thinking I should continue to just make minimum payments for now on the Cap1 card, but put the $450 towards the Chase card and get that down to a 0 balance in like 4-5 months. Then when that card is down to 0, then I'll focus on paying down the Cap1 card with $5,199 on it. I hate the Chase card I don't even know why I dared to ever swipe that in the first place with 24.2 APR...ugh.....

So does my plan sound good? Any other suggestions?

you just answered your own question. and gees what some high balances! i always view credit cards as coupons when financing something in the future.

Uniqua · ‎04-11-2010

59.99 ......... WHAT THE H-E-DOUBLE HOCKEY STICKS?!!!! Somebody, call the police. Have these folks arrested and quick!

I'm glad you pointed this out. Now, stay the hell away from this CC as if your life depends on it!

I understand if you can only pay the minimum at the moment. It happens that way sometimes. As your situation changes, I'm sure you'll get your debt paid off quickly. And with the plan you've just made, I'm sure you'll be fine.

Anonymous · ‎04-11-2010

@Uniqua wrote:
59.99 ......... WHAT THE H-E-DOUBLE HOCKEY STICKS?!!!! Somebody, call the police. Have these folks arrested and quick!

I'm glad you pointed this out. Now, stay the hell away from this CC as if your life depends on it!

I understand if you can only pay the minimum at the moment. It happens that way sometimes. As your situation changes, I'm sure you'll get your debt paid off quickly. And with the plan you've just made, I'm sure you'll be fine.

Hahahaha. I sure hope the only reason they are asking for your name, address and social security number is to send you an ambulance to admit you in the mental ward! 59.99...can't believe them.

Uniqua · ‎04-11-2010

@Anonymous wrote:

@Uniqua wrote:
59.99 ......... WHAT THE H-E-DOUBLE HOCKEY STICKS?!!!! Somebody, call the police. Have these folks arrested and quick!

I'm glad you pointed this out. Now, stay the hell away from this CC as if your life depends on it!

I understand if you can only pay the minimum at the moment. It happens that way sometimes. As your situation changes, I'm sure you'll get your debt paid off quickly. And with the plan you've just made, I'm sure you'll be fine.

Hahahaha. I sure hope the only reason they are asking for your name, address and social security number is to send you an ambulance to admit you in the mental ward! 59.99...can't believe them.

LOL. Good one! On top of the 59.99 APR on purchases AND 59.99 on Cash Advances, let's really get a giggle off the other FEES they charge. Shall we?

NOTICE: Some of these set-up and maintenance fees will be assessed before you begin using your Card and will reduce the amount of credit you initially have available. Based on your initial credit limit of $300.00, your initial available credit will be only about $225.00.

Processing Fee - $45.00 (one-time fee)

First Year Annual Fee - $75.00 (one-time fee)

Subsequent Year Annual Fee - $75.00 annually (which will be billed at $6.25 per month)

Cash Advance - $5.00 or 3% of the amount of each Cash Advance, whichever is greater (maximum fee: $10.00)

Foreign Currency - 3% of each transaction amount in U.S. dollars

Late Payment - $29.00 for balances up to and including $500.00, or $35.00 for balances greater than $500.00. (although your initial CL is $300?!)

Return Item Charge - $29.00

Additional Card Fee - $29.00 annually

Autodraft fee - $11.00

Credit Limit Increase Fee - 50% of the amount of the credit limit increase

Internet Access Fee - $3.95 (one-time fee) assessed after you have agreed to this service

ALL OF THIS FOR A $300 CL? Kiss grits, First Premier!

MarineVietVet · ‎04-11-2010

I agree about paying more than the minimum on the Cap 1 while concentrating on Chase. You say you'll have an extra $450 a month for debt reduction. I would use $25 of that to put towards the Cap 1 in addition to the minimum. CC issuers can get nervous about seeing just minimums each month. That $25 IMO would be a good use of money.

Just my 2 cents.

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

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Anonymous · ‎04-11-2010

@Anonymous wrote:
Hi all. So I got lucky and I'm going to have an extra $450 a month. I've decided I'm going to use it solely to pay off debts.

Currently I have the following balances:

Chase MC: $1,739 (24.2 APR)
Capital One MC: $5,199 (7.2 APR)

I'm thinking I should continue to just make minimum payments for now on the Cap1 card, but put the $450 towards the Chase card and get that down to a 0 balance in like 4-5 months. Then when that card is down to 0, then I'll focus on paying down the Cap1 card with $5,199 on it. I hate the Chase card I don't even know why I dared to ever swipe that in the first place with 24.2 APR...ugh.....

So does my plan sound good? Any other suggestions?

My advise is same as other members, which is pay more than minimum to Cap 1 and pays most of $450 to Chase MC.

Everyone have different opinion ... you decide how you want to pay.

My opinion is ...

Add $50 to your Cap 1 minimum payment, this will reduce the balance faster than what you are paying right now.

Example ...

For Chase MC ( Balance $1739 Apr 24.2% ) ...

$400/mo x 4 + last payment of $200+ = total of about $1800

For Cap 1 MC ( Balance $5199 Apr 7.2% ) ...

$50 + minimum /mo for 4 months, $250 + minimum for 1 month, and $450 + minimum as long as you can.

With this payments, pay off this CC in 14 months. Estimate your total payments is up to $5300 and interest is up to $300

Anonymous · ‎04-12-2010

@Anonymous wrote:
@Anonymous wrote:
Hi all. So I got lucky and I'm going to have an extra $450 a month. I've decided I'm going to use it solely to pay off debts.

Currently I have the following balances:

Chase MC: $1,739 (24.2 APR)
Capital One MC: $5,199 (7.2 APR)

I'm thinking I should continue to just make minimum payments for now on the Cap1 card, but put the $450 towards the Chase card and get that down to a 0 balance in like 4-5 months. Then when that card is down to 0, then I'll focus on paying down the Cap1 card with $5,199 on it. I hate the Chase card I don't even know why I dared to ever swipe that in the first place with 24.2 APR...ugh.....

So does my plan sound good? Any other suggestions?
My advise is same as other members, which is pay more than minimum to Cap 1 and pays most of $450 to Chase MC.
Everyone have different opinion ... you decide how you want to pay.

My opinion is ...
Add $50 to your Cap 1 minimum payment, this will reduce the balance  faster than what you are paying right now.

Example ...

For Chase MC  ( Balance $1739 Apr 24.2% )  ...
$400/mo x 4 + last payment of $200+ = total of about $1800

For Cap 1 MC ( Balance $5199 Apr 7.2% ) ...
$50 + minimum /mo for 4 months, $250 + minimum for 1 month, and $450 + minimum as long as you can.
With this payments, pay off this CC in 14 months. Estimate your total payments is up to $5300 and interest is up to $300

Wow, thank you for calculating all that, it's much appreciated! I'll for sure take your advice. I can't wait to get out of all this mess! I'm so eager to finally be paying these balances off.

PS if you (or anyone) was wondering what the minimum payments were for the cards: $54 Chase and $86 for Cap1