Which order would you pay these?

[FicoMike0]

This is a strictly finance situation, don't worry about scores in the short term. I come up with payments of 98.70 for wells. You want to make that every month. Next there's the firestone, that's 182.30. Finally, the Precision, that's $225.53. So for 6 months you have,

  $98.70

+$182.30

+$225.53

=$506.53

If you can make that, great! If not, you'll have to let the Precision slide some until the firestone is paid. If you pay $400 for the first 6 months, you'll be $106.53 X 6 = $639.18 behind.

That will require total payments of $387.53 for the second 6 months.

At $400 a month you're tight, but doable. I'd double check the terms of those 0% loans. Does it still work if you don't pay 1/12 of the 12 month loan every month? Those b@$tards are tricky! Make sure the final payment is due the same day of the month the other payments are, I've seen them make the final a different date.

Don't let them stick you with that 34.99%

[FicoMike0]

PS Your scores won't drop each month, they'll drop all at once as soon as the high utilization reports. If these all report as installment loans, it won't be so bad. If any of them report as revolvers, you'll notice the drop. If so, it's the price of 0%. Scores will come back as utilization comes down. Scores are just a number, paying interest is real money. Go for the finance.

[SouthJamaica]

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@User001z wrote:

Well it was nice being at 0% debt for two months, but unfortunately life happens so now I must determine the best way to pay off my new debt. The good news is I am very disciplined with how I use my money so taking down this debt should not cause any unneeded stress. The repairs were actually necessary to get back and forth to work and to pass inspection. I mainly just need a good gameplan on what order to pay these off in. I would think the 0%'s should be tackled first, but I just want to make sure.

Firestone - $1093.79 0% interest if paid off in 6 months (Car repair *Multiple Misfires, power loss, bad head gasket *oil leaking into spark plug cylinders going right thru the tube seals -Unavoidable repair)

Normal APR 34.99%

Precision Auto Tune - $2706.32 0% interest if paid off in 12 months (Car repair *EPS Rack and pinion - Power steering system total failure)

Normal APR 34.99%

Wells Fargo - $7500.00 9.9% interest (Required Home repairs after inspection - Inspector said all had to fixed immediately)

My current gameplan is to pay off the 6 months first, the 12 months next, and then throw everything at the $7500 to kill it within 2 years time.

While they want me to stretch out the $7500 the full 10 years so they make $4500 extra in interest I have no intention of doing so. I expect to wipe out all of this debt in two years time. I am just unsure if this is the recommended game plan.

I already have 75% of the first 1093.79 ready to go on the new scheduled due date.

While this has set my plans back a little bit I know that I will be completely debt free again in two years time so it is a minor inconvenience.

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Sounds like a good plan to me.

[User001z]

Oh that's dirty changing the last payment date so someone is late for all of the interest.

Thank you for all of the advice guys.

My gameplan is to pay the firestone off first within 6 months time, precision off next within 12 months time, and wells fargo off third within 2 years time. I don't think I mentioned that in addition to making extra payments I will also be throwing my full $3500.00 tax return at the well fargo amount each year. This means that 7K of the 7500 borrowed will come from my tax returns allowing me to quickly kill the first to as fast as possible then focusing on the wells fargo account. My fico credit score went from 721 down to 673 even with 6K of available credit limits remaining open. How much can I expect to this to keep dropping month over month until I get it back to 30%. I am not gonna lie it will take me 2 years to pay all of this off so it will probably hurt my credit alot. All of this was unexpected which hit me out of nowhere, but that is life.

I saw that you said 93.7% utilized, but I still have 7K of available credit unused if you count the additional 1K remaining on wells + my other 6K in general credit cards. If I hit wells with $103.20 which are my actual payments and I hit wells with a full $3500 tax return in february that should drop my credit utilization significantly. Do it again next year and it's at 0% again. Still I wonder how much damage those months in between this will do to my credit.

If my math is correct and I make $4,738.00 in payments to wells within one year using my normal payments + my $3500 tax return, then by year two I will only pay out $141.90 in interest at 9.9% rather than the $4500 they wanted over the course of 10 years. My normal payments would be $1238 over the course of 12 months. My tax return will hit it with an additional $3500. My windfalls usually $500 will also hit it every 3 months. I plan to throw everything I can at this debt as quickly as possible. My tax refunds + my windfalls every 3 months make my two year goal achievable.

Without my windfalls and my tax returns just using debt snowball at $520.20 a month since the other two cards are at 0%

It will take me 25 months to pay everything off. Just paying 182 +225 +103.20 a month, then rolling it all into one payment to hit wells as hard as possible. The interest that way is $1061.82 if I don't throw my windfalls and tax refunds at it to kill it faster. The amorization table shows. While I would like to put my windfalls  and tax refunds in my savings I don't know which is the better method. Kill the debt fast using all windfalls and tax refunds or just pay it all off using snowball which is finished in 25 months. I save big time in interest using my tax refunds and 3 month windfalls, but thats money I won't have sat aside for a future emergency. I already have 2K in my emergency fund just incase, but I have also heard that you need to have 3-6 months of expenses saved. I would like some advice on what method you would recommend using here thats $5,500.00 a year I could put torwards my emergency fund while having everything paid off in 25 months.

[Realist]

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@User001z wrote:

Well it was nice being at 0% debt for two months, but unfortunately life happens so now I must determine the best way to pay off my new debt. The good news is I am very disciplined with how I use my money so taking down this debt should not cause any unneeded stress. The repairs were actually necessary to get back and forth to work and to pass inspection. I mainly just need a good gameplan on what order to pay these off in. I would think the 0%'s should be tackled first, but I just want to make sure.

Firestone - $1093.79 0% interest if paid off in 6 months (Car repair *Multiple Misfires, power loss, bad head gasket *oil leaking into spark plug cylinders going right thru the tube seals -Unavoidable repair)

Normal APR 34.99%

Precision Auto Tune - $2706.32 0% interest if paid off in 12 months (Car repair *EPS Rack and pinion - Power steering system total failure)

Normal APR 34.99%

Wells Fargo - $7500.00 9.9% interest (Required Home repairs after inspection - Inspector said all had to fixed immediately)

My current gameplan is to pay off the 6 months first, the 12 months next, and then throw everything at the $7500 to kill it within 2 years time.

While they want me to stretch out the $7500 the full 10 years so they make $4500 extra in interest I have no intention of doing so. I expect to wipe out all of this debt in two years time. I am just unsure if this is the recommended game plan.

I already have 75% of the first 1093.79 ready to go on the new scheduled due date.

While this has set my plans back a little bit I know that I will be completely debt free again in two years time so it is a minor inconvenience.

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Since time is a factor in this equation as your FICO score falls, here's what I would do, assuming you still can, and debt consolidation not an option.

1.  Pay on and off the 6 months same as cash 0%, else the delayed interest will catch up to you.

2. Pay on and off the 12 months same as cash 0%, else the delayed interest will catch up to you.

3.  Immediately roll the $7500 amount into a new 3%-5% balance transfer 18-21 month 0% credit card loan, to focus on both 1 and 2.  Let them earn their few hundred dollars in transfer fee.

4.  As 1 and 2 gets paid off, roll this and more on to 3, and if necessary, balance transfer it once more to a new card, and pay it off over time.

In the end it will eliminate debt, and incentivise lenders to extend you credit for a price, to balance transfer.  Balance transfer one will be contingent on your credit score now.  Balance transfer two, if needed, will be easier to obtain since debt will start to be extinquished, and the lender still being incentivised to open a line to you.  You are basically paying to play, to keep everything manageable.