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Paying Down Balances - Any Suggestions

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Established Member

Paying Down Balances - Any Suggestions

I have three CC's where I am an AU - Citi with a 6000 limit, Barclay with a 3500 limit, and an Amex with a 1000 limit. I am carrying a $220 balance on the Citi card, a $3300 balance on the Barclay, and an $1800 balance with Amex which puts me over the credit limit. The Amex was a one-time purchase for business use but I intend to bring this balance to zero pretty quickly. I have a $1200 check coming in this week which I will apply entirely towards the CC balances but I'm a little unsure of where to apply the payments to minimize any negative reporting. Should I put $1000 into the Amex and get the balance under it's limit or apply most of the funds towards the Barclay card which has a higher interest rate and work down the Amex over a couple payments? Any help would be appreciated. Thanks!

Message 1 of 6
5 REPLIES 5
Legendary Contributor

Re: Paying Down Balances - Any Suggestions

You are paying the debt on someone else's credit card?

Are you the one who made the charges?

Message 2 of 6
Established Member

Re: Paying Down Balances - Any Suggestions

As an AU, yes I am the one who made the charges.

Message 3 of 6
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Established Contributor

Re: Paying Down Balances - Any Suggestions

If it were me, and I am not worried myself about the credit score impact because I would already be extended in debt, I would pay the 220 balance off, then the entire rest on the Amex.


TU713, EQ 731 , EX 726 (As of 12/13/14) - Personal Goal = 760

“Beware of little expenses. A small leak will sink a great ship” – Benjamin Franklin

Gardening since 3-26-15































Message 4 of 6
Super Contributor

Re: Paying Down Balances - Any Suggestions

What kind of an AMEX, Charge card or credit card?

If it is a credit card, you are certain there are not yet any overlimit charges on the AMEX?

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 5 of 6
Senior Contributor

Re: Paying Down Balances - Any Suggestions

I'd suggest basing payments on utilization and getting down utilization ASAP.   Set up a spreadsheet that calculates current utilization for all of the cards and has a column for you to enter payment amounts.  Have another column calculating utilization after payment.  Do whatever it takes to get utilization down as quickly as possible to avoid adverse action.  You'll definitely want to get the overlimit card under limit first.  Then you'll want to get maxed cards down.  Work on getting them under 50% then under 30% and then pay off however you want after that.

Message 6 of 6
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