What would you in my situation?

[SouthJamaica]

---

@Anonymous wrote:

I've read through alot of the topics in this forum over the last year.

I currently have mutliple credit cards and all of them have a balance.

Amex: $500, CL $1000

Amex2: $1200, Cl $2000

Best Buy $1600, CL $3500

BOA: $5100, CL $6000

CCU: $3500, CL $5000

Citi: $3500, CL $4200

Discover: $1700, CL $2500

Suntrust: $1900, CL $2800

WF: $3500, CL $5000

The only two with interest right now are BOA and CCU. CCU is at 13% and BOA is at 29% if I'm not mistaken.

Life happens and I applied for almost all of those credit cards back in July. Kind of got addicted to the approval and then like I said life happened and unfortunately had to put the money on my CC's.

I make roughly $65k/year and have $900 in car payments. No rent. Other expenses come out to about $500/month.

Right now I've been paying down about $650 a month spreaded evenly over my credit cards.

I did see that to boost my score up I should pay off the small debt cards first and also the ones that are charging interest?

What would you suggest my best steps would be.

I'd love to do a balance transfer into one card but I believe I have too many inquiries due to financing 4 cars (this year alone) and opening all of those CC's earlier this year.

---

I would go with the snowball method.

1. Stop using cards.
2. Pay off smallest balance first, then next smallest, and so on.
3. On other cards pay minimum + something each month.
As each balance turns to zero, that will free up your remaining monthly cash to apply to the next smallest balance.

[Anonymous]

---

@SouthJamaica wrote:

---

@Anonymous wrote:

I've read through alot of the topics in this forum over the last year.

I currently have mutliple credit cards and all of them have a balance.

Amex: $500, CL $1000

Amex2: $1200, Cl $2000

Best Buy $1600, CL $3500

BOA: $5100, CL $6000

CCU: $3500, CL $5000

Citi: $3500, CL $4200

Discover: $1700, CL $2500

Suntrust: $1900, CL $2800

WF: $3500, CL $5000

The only two with interest right now are BOA and CCU. CCU is at 13% and BOA is at 29% if I'm not mistaken.

Life happens and I applied for almost all of those credit cards back in July. Kind of got addicted to the approval and then like I said life happened and unfortunately had to put the money on my CC's.

I make roughly $65k/year and have $900 in car payments. No rent. Other expenses come out to about $500/month.

Right now I've been paying down about $650 a month spreaded evenly over my credit cards.

I did see that to boost my score up I should pay off the small debt cards first and also the ones that are charging interest?

What would you suggest my best steps would be.

I'd love to do a balance transfer into one card but I believe I have too many inquiries due to financing 4 cars (this year alone) and opening all of those CC's earlier this year.

---

I would go with the snowball method.

1. Stop using cards.
2. Pay off smallest balance first, then next smallest, and so on.
3. On other cards pay minimum + something each month.
As each balance turns to zero, that will free up your remaining monthly cash to apply to the next smallest balance.

---

Snowball will cost OP astronomical interest though since the BoA card has 29% and most of the cards have zero. 

Its just as easy to make a budget, add an additional amount for other expenditures, then take what’s left over and subtract 2X mins for each card and then throw the rest of the lump sum on the BoA card. As cards get paid off, you just remove them from the budget and take that 2x min payment that’s left over and add it into the highest interest debt. 

[Kree]

---

@Anonymous wrote:

---

@SouthJamaica wrote:

---

@Anonymous wrote:

I've read through alot of the topics in this forum over the last year.

I currently have mutliple credit cards and all of them have a balance.

Amex: $500, CL $1000

Amex2: $1200, Cl $2000

Best Buy $1600, CL $3500

BOA: $5100, CL $6000

CCU: $3500, CL $5000

Citi: $3500, CL $4200

Discover: $1700, CL $2500

Suntrust: $1900, CL $2800

WF: $3500, CL $5000

The only two with interest right now are BOA and CCU. CCU is at 13% and BOA is at 29% if I'm not mistaken.

Life happens and I applied for almost all of those credit cards back in July. Kind of got addicted to the approval and then like I said life happened and unfortunately had to put the money on my CC's.

I make roughly $65k/year and have $900 in car payments. No rent. Other expenses come out to about $500/month.

Right now I've been paying down about $650 a month spreaded evenly over my credit cards.

I did see that to boost my score up I should pay off the small debt cards first and also the ones that are charging interest?

What would you suggest my best steps would be.

I'd love to do a balance transfer into one card but I believe I have too many inquiries due to financing 4 cars (this year alone) and opening all of those CC's earlier this year.

---

I would go with the snowball method.

1. Stop using cards.
2. Pay off smallest balance first, then next smallest, and so on.
3. On other cards pay minimum + something each month.
As each balance turns to zero, that will free up your remaining monthly cash to apply to the next smallest balance.

---

Snowball will cost OP astronomical interest though since the BoA card has 29% and most of the cards have zero. 

Its just as easy to make a budget, add an additional amount for other expenditures, then take what’s left over and subtract 2X mins for each card and then throw the rest of the lump sum on the BoA card. As cards get paid off, you just remove them from the budget and take that 2x min payment that’s left over and add it into the highest interest debt. 

---

Only other consideration is if the interest is 0% for a period of time, or if it is deferred. Paying off a deferred card before back interest is added on would be a priority if the amount of interest would be more than new interest on the higher card during the repayment period.

[Anonymous]

---

@Kree wrote:

---

@Anonymous wrote:

---

@SouthJamaica wrote:

---

@Anonymous wrote:

I've read through alot of the topics in this forum over the last year.

I currently have mutliple credit cards and all of them have a balance.

Amex: $500, CL $1000

Amex2: $1200, Cl $2000

Best Buy $1600, CL $3500

BOA: $5100, CL $6000

CCU: $3500, CL $5000

Citi: $3500, CL $4200

Discover: $1700, CL $2500

Suntrust: $1900, CL $2800

WF: $3500, CL $5000

The only two with interest right now are BOA and CCU. CCU is at 13% and BOA is at 29% if I'm not mistaken.

Life happens and I applied for almost all of those credit cards back in July. Kind of got addicted to the approval and then like I said life happened and unfortunately had to put the money on my CC's.

I make roughly $65k/year and have $900 in car payments. No rent. Other expenses come out to about $500/month.

Right now I've been paying down about $650 a month spreaded evenly over my credit cards.

I did see that to boost my score up I should pay off the small debt cards first and also the ones that are charging interest?

What would you suggest my best steps would be.

I'd love to do a balance transfer into one card but I believe I have too many inquiries due to financing 4 cars (this year alone) and opening all of those CC's earlier this year.

---

I would go with the snowball method.

1. Stop using cards.
2. Pay off smallest balance first, then next smallest, and so on.
3. On other cards pay minimum + something each month.
As each balance turns to zero, that will free up your remaining monthly cash to apply to the next smallest balance.

---

Snowball will cost OP astronomical interest though since the BoA card has 29% and most of the cards have zero. 

Its just as easy to make a budget, add an additional amount for other expenditures, then take what’s left over and subtract 2X mins for each card and then throw the rest of the lump sum on the BoA card. As cards get paid off, you just remove them from the budget and take that 2x min payment that’s left over and add it into the highest interest debt. 

---

Only other consideration is if the interest is 0% for a period of time, or if it is deferred. Paying off a deferred card before back interest is added on would be a priority if the amount of interest would be more than new interest on the higher card during the repayment period.

---

True and this is something that would definitely need to be looked at with the Best Buy card, I didn’t think of that since I am not accustomed to using deferred interest financing. 

[Anonymous]

I have my best buy card to where it is making payments that it'll be paid off by the time the 0% offer is over. Well 1 month before it is over.

I also just finished a settlement from a car wreck almost a year ago and got a check for around $3700.

Is there any certain cards I should pay off or continue the snowball?

Also my Amex with the $2000 limit gave me a CLD to $1300.. They said if I send a $580 payment by march they will restore my  credit limit.

Thanks

[CreditInspired]

First thing: Absolutely make the $580 payment to AmX yesterday to restore your CLI.

[Anonymous]

The CLD jsut happened two days ago.

How long will it take to go back once I make the payment?

[CreditInspired]

I don’t know but I would definitely call them and ask. Paying it quickly makes them realize you do have the funds to make big payments.

[Anonymous]

I would pay your minimums across the board. With what ever money left over start putting into your smallest balance. Pay off cards in order feom smallest to largest while continuing to pay the minimum on all others

[SouthJamaica]

---

@Anonymous wrote:

I've read through alot of the topics in this forum over the last year.

I currently have mutliple credit cards and all of them have a balance.

Amex: $500, CL $1000

Amex2: $1200, Cl $2000

Best Buy $1600, CL $3500

BOA: $5100, CL $6000

CCU: $3500, CL $5000

Citi: $3500, CL $4200

Discover: $1700, CL $2500

Suntrust: $1900, CL $2800

WF: $3500, CL $5000

The only two with interest right now are BOA and CCU. CCU is at 13% and BOA is at 29% if I'm not mistaken.

Life happens and I applied for almost all of those credit cards back in July. Kind of got addicted to the approval and then like I said life happened and unfortunately had to put the money on my CC's.

I make roughly $65k/year and have $900 in car payments. No rent. Other expenses come out to about $500/month.

Right now I've been paying down about $650 a month spreaded evenly over my credit cards.

I did see that to boost my score up I should pay off the small debt cards first and also the ones that are charging interest?

What would you suggest my best steps would be.

I'd love to do a balance transfer into one card but I believe I have too many inquiries due to financing 4 cars (this year alone) and opening all of those CC's earlier this year.

---

1. Stop using your credit cards.

2. Apply every dollar you can spare to the BOA card. On other cards pay minimum + something each month.

3. When you get rid of the BOA balance, go into the snowball method: Pay off smallest balance first, then next smallest, and so on. As each balance turns to zero, that will free up your remaining monthly cash to apply to the next smallest balance.