PIF Credit Cards In Which Order?

[CreditInspired]

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@CivalV wrote:

So I am finally able to pay down $2500 of CC debt. I would like some advice on what cards I should pay off first & how much if possible.

Should I pay $2500 of CC debt all this month or spread the debt payments over a span of 2-3 months?

CC debt is definitely holding back my scores. I am just not sure which way is the best way to go. 

I have two cards with monthly/annual fees. They are FirstPremier cards $700 CL each. One charges $8 a month, the other $12 & both have annual fees of $96. 

          Here is my CC info 

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Personally, I would pay off both Premier CCs and then close them pronto. The fees are outrageous! That leaves 1,100.

Second, then I would pay off Quick Silver, Discover, VS, and Kohl’s. This will not only lower your UT substantially, but now you will have 6 cards with 0 balances vs. 8 cards with balances. You should see a sizable bump.

Congrats on wanting to take the 2,500 and throwing it at your debt.

[CivalV]

Thank you! The fees are definitely outrageous. At first I didnt care about fees until it started to add up.

I like your idea of paying down 6 to 0 balance. I can definitely do this with the $2500. In addition to that $2500 I might be able to put in $200 extra. I will most likely put that on the QS1.

I look forward to my cards reporting $0 balance starting next week! It will be scores going up, up and away!

Its so hard. I had the money months before and decided not to pay up. I learned not to ever do that again 🙏🏼

[Anonymous]

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@CivalV wrote:

Its so hard. I had the money months before and decided not to pay up. I learned not to ever do that again 🙏🏼

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Yes, PIF is the only way to go unless you have a Zero APR period.

[Anonymous]

Scores are meaningless unless you plan to apply for new credit, no one will care or get to see it except for you. I would focus on paying off the debt in the most efficient way that costs the least, the scores will follow sooner or later.

Pay off 2 Premiers and close them to eliminate fees is a no brainer, next would be QS with the highest APR, then I would throw everything else including the extra $200 at QS1 unless 0% promotions on the remaining 3 cards are coming to an end and APR is higher than QS1. In the meantime I would SD all cards until all cards are paid off and grace period restored, then become a transactor that PIF on every card every month.

[Thomas_Thumb]

I would suggest paying down all highly utilized cards to below 69% as phase one. Then focus on paying down/off the four high APR cards while making slightly more than the minimum payments on your 0% APR cards.

[CivalV]

So in addition to the $2500 I am able to put towards CC debt today my self lender will also go down by $150. I also have $600 of extra income by the end of this month that I can put towards my balances. Should I still pay all CC below 69% UTL? Or do the snowball method & then put that $600 onto my QS1 since it will be my only account with a balance? Im nervous about which way to go.

[SouthJamaica]

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@CivalV wrote:

So I am finally able to pay down $2500 of CC debt. I would like some advice on what cards I should pay off first & how much if possible.

Should I pay $2500 of CC debt all this month or spread the debt payments over a span of 2-3 months?

CC debt is definitely holding back my scores. I am just not sure which way is the best way to go. 

I have two cards with monthly/annual fees. They are FirstPremier cards $700 CL each. One charges $8 a month, the other $12 & both have annual fees of $96. 

          Here is my CC info 

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With your $2500 you should:

1. Pay off both First Premier cards and close the accounts.

2. Pay off Victorias Secret.

3. Take the remaining $1140 and pay:

-570 to Capital One QS One

-70 to Capital One QS

-250 to Discover

-250 to Kohls