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So I have 3k that I can throw at some debt. How should I allocate it?
Discover - 2040/6500 (0% till Aug)
Amex ED - 3920/7000 (0% till Oct)
Citi AA - 4200/7500 (0% till Dec)
should I pay off Discover then put the remaining towards AMEX? Or should I try to get the Utililzation down on Amex and Citi first?
I second the motion to pay according to promo expiration dates.
@Anonymous wrote:So I have 3k that I can throw at some debt. How should I allocate it?
Discover - 2040/6500 (0% till Aug) ( $ 1,300 )
Amex ED - 3920/7000 (0% till Oct) ( $ 1,000 )
Citi AA - 4200/7500 (0% till Dec) ( $ 700 )
should I pay off Discover then put the remaining towards AMEX? Or should I try to get the Utililzation down on Amex and Citi first?
@Anonymous wrote:So I have 3k that I can throw at some debt. How should I allocate it?
Discover - 2040/6500 (0% till Aug)
Amex ED - 3920/7000 (0% till Oct)
Citi AA - 4200/7500 (0% till Dec)
should I pay off Discover then put the remaining towards AMEX? Or should I try to get the Utililzation down on Amex and Citi first?
If you have all the cards in your sig and they're all at zero, then I wouldn't pay Discover off, I would just pay things off evenly, bringing everything down to 48%, then 28% and so on.
Thanks for the replies! So seems like most people are saying I should get discover and Amex below 29% and Citi below 49% since all are at 0. I’m certain I’ll be able to pay off discover and Amex before the promo expires but citi I’m not so sure.
To me, the non-promo APRs should also factor in to the decision, along with how confident you are about paying off in time. I see you just said Discover and Amex are doable, Citi not so sure.
So, if the Citi APR was very high (especially compared to the others) I would certainly want to put significant money towards that now.
Yeah, if there's any chance that these promos might not be paid off on time, factor in the non-promo APRs.
@Anonymous didn't mention scoring as a concern, which is why I didn't suggest working toward thresholds. However, I would have suggested that approach had adverse action been a concern. @Anonymous is nowhere near AA territory.
@HeavenOhio wrote:Yeah, if there's any chance that these promos might not be paid off on time, factor in the non-promo APRs.
@Anonymous didn't mention scoring as a concern, which is why I didn't suggest working toward thresholds. However, I would have suggested that approach had adverse action been a concern. @Anonymous is nowhere near AA territory.
As far as non promo APRs go they are all pretty similar. Citi and Amex are both 25% (Citi is slightly higher but not by much). I know horrible but I normally PIF unless I’m takin advantage of a BT offer. I need to get my APR reduced since my scores are much better now but haven’t gotten around to it (all of my scores are in the 700s currently). Otherwise all of my other cards are PIF except these 3. Out of the 3 cards, Discover has the lowest APR at 21%.
With that being said, I plan to BT what I can’t pay off by the Promo date. I normally have offers on one on my other accounts. However, 2 out of those 3 cards will certainly be paid off though. If I had to guess, I’ll maybe have 2-2.5k left over on one card.