@pace_it wrote:My husband and I are wanting to buy a house in the next 2-3 years and have decided to really take an active role in paying off debt that we've accrued over the years. I'm trying to figure out the best way to tackle this while also working to improve his "thin file": he is currently a co-applicant on our auto loan and also has a paid-off 10 year old auto loan on his record. Everything else is in my name alone. Below are the details:
My scores: TU 706/EX 715/EQ ? (should be similar) 1 TU inquiry that will fall off in September
His scores: TU ?/EX 728/EQ ? - 1 TU inquiry (same as mine)
No negative marks, 100% payments made on time, newest account is 20 months old, etc.
Balances:
Discover Card: $20,500 @ 16.99V% APR, 98% utilization, min payment $420
Visa FCU Card: $4,850 @ 6.90% APR, 97% utilization, min payment $120
Auto Loan: $7,065 @ 8.10% APR, 45 months remaining, $185/mo
I've already moved all bills, recurring charges, etc, off of the credit cards except for one minimal charge per month to keep them active. We just paid off our other vehicle this month, so I have an extra $500 per month to apply in addition to any windfall, bonuses, extras we receive. We have also moved to a cash allowance to reduce temptation of further spending on the cards.
My first thought was to go ahead and tackle the "monster" avalanche-style and pay down the Discover balance first. However, after reading a few similar threads on here, I'm now thinking of knocking down the Visa card to below 30% utilization - which should be achievable by the end of the year - and add my husband as a joint user to help build his account history. Once that has been accomplished, I would then shift focus to paying down the Discover card in hopes of eventually receiving a few decent BT offers. I would eventually like to add my husband as a joint user on the Discover card as well, but am also aware how that may play into the timeline with buying a home.
I'm not really worried about the auto loan.
So what are your thoughts on this repayment plan: any improvements, changes, or other ideas I should consider? Am I going to be setting myself up for balance chasing with Discover as I pay it down?
Any advice is appreciated.
1. I don't think you need to have the minimal charges to keep them active, not when they have balances that are being paid off.
2. Yes you need not bother with accelerating payment on the auto loan.
3. As to your 2 revolvers, you should pay them down equally, getting to 88% then 78% then 68% and so on. When both are at 48% or less, you can get concentrate on getting one of them down to 28%, then try to get the other to 28%.
4. No you shouldn't add your husband to either of the cards. If he has no cards, he should get one in his own name, perhaps with a credit union. And then use it very sparingly.
@pace_it wrote:@SlideOrInsert Way to go! That's inspiring.
We're in the same boat: I could take a big chunk out of this by using our emergency savings or long-term savings, but I would rather not do that. We've already trimmed the fat from our monthly expenses and are trying to focus on not only eliminating debt, but also making sure our HSA, 401K, and IRAs are not forgotten. Finding the balance between it all is tough.
Personally I would that that chunk out. You're paying 15% + in interest while your savings are earning practically nothing.
It's the end of April and I just scheduled the final payment on our debt. 
FICO8 scores are lagging, but currently showing: 783 (mine) & 801 (his).
Balances:
Discover: $0
My Visa: $0
CareCredit: $0
Auto Loan: $0
His Visa: $0
Fidelity Visa: $1482*
*This is our account for recurring monthly bills & expenses. It gets paid in full each month.
I wanted to thank everyone here for the advice and encouragement over the past few years. It has been a financial journey and I'm thrilled we can move on to the next step: saving for a house!