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What cards to pay first

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Regular Contributor

What cards to pay first

I am paying down my credit cards so I have them all paid off by March 30th. I usually pay $1000 at the end of the month out of my last paycheck which is virtually bill free. Here are my credit cards with CL, Balance, and current UTI as of close dates this month. Would it be better to pay off my lowest balance cards and then apply the remaining of what I have left on the two highest balance cards? Or should I pay 200 across several higher balance cards and just pay down my lower balance cards $50 at a time.  Thank you!

 Card                                 CL             BAL         UTI

Capt1 Plat$750.00$484.8864.65%
Capt1 QS$500.00$281.4256.28%
Credit One$600.00$449.1374.86%
NY&C$500.00$405.2981.06%
WomanWithin$500.00$340.1668.03%
Justice$300.00$109.7736.59%
Childrens Place$500.00$169.2733.85%






7 REPLIES 7
Super Contributor

Re: What cards to pay first

Paying off (then not using) the lowest balances first can give you a feeling of accomplishment. If you stay on track to pay them all off by March 30, that would be very good.  

 

The Cap One QS, after paying to zero, should be used as your main spending card. The Credit One card should be looked at closely whether it can be closed, to avoid the fees.  


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 2 of 8
Community Leader
Senior Contributor

Re: What cards to pay first

I'd pay off the Quicksilver so you can get a head start on resetting the grace period. Then I'd go with high interest first. But given that everything's going to be paid off in a few weeks, you can do this just about any way that makes you feel good.

Message 3 of 8
Regular Contributor

Re: What cards to pay first

Yes, I was thinking of closing the credit one due to the annual fees. I am coming up on a year pretty soon. I am not currently using any of the retail cards just looking to pay them off. Used those over holidays for kids clothes and work clothes.

Good point on the QS for paying off first. I am due for cli in 2 months on that one and 2 months on platinum if they do auto increase which I'm hoping they do.
For scoring purposes in the immediate future, would any specific payment schedule work better over another?






Message 4 of 8
Frequent Contributor

Re: What cards to pay first

The one with the highest APR and Balance.

Have the Following:


CashBack Cards Goals: Disco It, Ducks

Status: Doing my Homework before I App

Note to Self: Focus on the Abundance of Love and you shall have more!

Message 5 of 8
Contributor

Re: What cards to pay first

For scoring purposes, the only relevant data is not included, statement date... And that scoring difference is only one month long.

Otherwise, highest APR first, current balance as tie breaker
Message 6 of 8
Regular Contributor

Re: What cards to pay first

Thank you everyone. I really appreciate your help.






Message 7 of 8
Frequent Contributor

Re: What cards to pay first

How to Pay off Credit Card Debt THE RIGHT WAY

https://www.youtube.com/watch?v=qvhocs9LW5I

Have the Following:


CashBack Cards Goals: Disco It, Ducks

Status: Doing my Homework before I App

Note to Self: Focus on the Abundance of Love and you shall have more!

Message 8 of 8
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