Hello FICO experts!
I am on my debt journey and I will keep it quick. Just need some pointing in the right direction as far as best move to make next.
No collections on report
1. CC NAVYFCU 13%
bal: 18k Limit: 20k
2. CC Navyfcu 12%
bal: 6k Limit: 7500
3. USAA 17%
bal: 2k Limit: 5k
4. USAA 4%
bal: 1500 Limit: 7500
5. Chase 10%
bal: 5500 Limit 6500
Auto: 2.4%
Purchased 40k owe 25k
debt cons. loan 12%
orig. 25k
owe 10k
Im making 1k payments extra on some cards just minimum payments are killing me!
thanks in advance!
Starting Score: 470
I pay about 550 a month for the car.
good rate t about 2 pervent.
my scores are at 660 across the board. dont know why it has that old info as I have credit monitoring through myfico.
the navy fed card thats sitting at 18k is about 350 a month min payment
the smaller navy fed card at 6k is about 150 a month
debt consolidation is at 340 a month and the other 3 cards are at 100 a month.
i can put an extra 1500 a month on payments
pay about 550 a month for the car.
good rate t about 2 pervent.
my scores are at 660 across the board. dont know why it has that old info as I have credit monitoring through myfico.
the navy fed card thats sitting at 18k is about 350 a month min payment
the smaller navy fed card at 6k is about 150 a month
debt consolidation is at 340 a month and the other 3 cards are at 100 a month.
i can put an extra 1500 a month on payments
Man... you must have a decent monthly income just to meet your minimums each month.
,
I am definitely no expert, but if it were me, I would attack from smallest to largest so you can see & feel the effects of paying your bills.
You have about $2300/month to put towards credit cards.. If you pay USAA first ($1500 balance) then you will have $1700 the next month to pay the other USAA ($2000). In month 3 you could pay the remaining balance on that card and then start tackling Chase..
For Example:
USAA1 - Month 1 = pay in full with that extra $1500 and use the $100 you would normally pay this card towards USAA2
USAA2 - Month 2 = $1500 + $100 from USAA1 + $100 you would normally pay this card
Chase & USAA2 - Month 3 = pay balance on USAA2 & apply whatever is left over from the $1800 towards Chase
The idea behind this snowball method is that you pay from smallest to largest so you see results faster which helps keep momentum. Each time a card is paid off, you use the minimum payment from that paid off card towards the next card.
By time you make your way to that 18K NAVYFCU, you will be making $2300 payments which will make paying it off easier.
Hope this helps.. This method has always helped me when I find myself spending more than I should have. 
Haha I wish, thats why i am attacking this debt. Tired of working just to see it all go to debt.
Not sure where my response went since im doing this on my phone. Thank you to all for the advice. I need this snowball to get big fast!