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Paying down CC

Regular Contributor

Paying down CC

Ok here is the situation

1. Amex balance 1008/ limit 2000/ 0% apr
2. Disco balance 0/ limit 1000 /0% apr
3. Wells Fargo balance 2009/ limit 2500/0% apr
4. Citi Balance 0/ limit 1500/24% apr
5. Cap One balance 0/ limit 1100/25% apr
6. Cap One balance 0/limit 2750/24% apr
7. Lowe's balance 1505/limit 17000/24% apr

On the Cap One card (2750 limit) I am AU on and the Lowe's card.

I would like to pay $500 on either the Amex or the Wells Fargo card.

1. Which one should I put it on considering
I was thinking about applying for increases and more cards, I have no bad marks on my record, 100% payment history, 6 months since I got the Amex, Disco, and Wells Fargo card.
Also, as a second question, what are my chances of approval?

Message 1 of 9
Valued Contributor

Re: Paying down CC

Focus on paying the debts first. No need to get more credit with HP's hits and AAoA decreases just to lower util. Not worth it.

My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery. It can be done!
Message 2 of 9
Valued Contributor

Re: Paying down CC

IMO, Since you’re at 80% on Wells Fargo, I would put the $500 there.

IMHO, I think you’re getting in over your head to quickly. In only 6 mos you are carrying high balances on 2 of the 3 cards. Work on getting those down to less than 28.9% balances.

IMHO, I suggest not applying for any more credit for at least 6 mos. Only request SP CLIs on Citi and Disco, and have you tried for the 3X CLI for AmX?

EX 792, TU795, EQ 799
|| NFCU CashRewards $25K || AmX ED $25K || Discover IT $15.7K || Macy's $15K || AmX Magnate $11.5K || NFCU Platinum $7.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 3 of 9
Community Leader
Super Contributor

Re: Paying down CC

What are your Fico scores? Have you tried for a 3x with Amex , which is sp?. You can also hit up Disco for sp luv, no harm trying.
Message 4 of 9
Super Contributor

Re: Paying down CC

OP, paying the Lowe’s down will save significant interest cost. 


With three new cards on 0% Intro benefits, why the rush to apply for more? Wait at least until the 0% Intro periods have expired, because if you have a bunch of them, you won’t have he option later to take advantage of those intro benefits.  0% is a siren call that can be a problem when they all expire.  

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

Delta Reserve and CSP Jan 2018, no more 5/24 worries... unless new Chase Marriott/SPG replacement is enticing...meh, turns out not. [unless a 100k points SPG Luxury Upgrade appears... well lookie here...]
Message 5 of 9
Regular Contributor

Re: Paying down CC

The wise financial decision would be to pay off your highest interest rate debts first.

Stop trying to save a nickel; start trying to earn a dollar.
Message 6 of 9

Re: Paying down CC

@ OP I removed your post from CC application section as it was cross posting..  Please avoid this in the future as it is confusing to forum members and also against the TOS of the forum.  Thanks for understanding and avoiding this in the future.'



myFICO Moderator

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | Fifth Third Bank | BB&T | Synovus | Commerce
Message 7 of 9
Community Leader
Senior Contributor

Re: Paying down CC

It's best not to apply for any new credit unless all of your cards are at 28.9% or below. If you're in a pinch and you want to roll the dice on an adequate limit for a balance transfer, you can probably get away with a card or two at 48.9%. However, terms might not be as good with the higher utilization.


In your case, put the $500 toward the Wells Fargo card. You'll be bringing your individual card utilization down from 81% to 61%. Individual card utilization is determined by the card with the highest utilization. In your case, you should see a score bump for dropping below 68.9%.


The next step would be to bring the AMEX and Wells Fargo cards below 48.9%. After that, bring them below 28.9%.


If you're responsible for paying the Lowe's card and its interest, consider delaying some of the scoring bumps in favor of saving money on interest.

Message 8 of 9
Mega Contributor

Re: Paying down CC

Another consideration is whether you will clear the debts by the time the 0% periods expire.   If so, then the util suggestions above are good.   But if you won't be able to, put the money towards which ever card is going to have the higher rate at expiration

Message 9 of 9