this forum has been extremely helpful to me and i now need to ask for some advice regarding my situation. I have a discover card that has 2000 dollars left on it with a 4.9% interest rate. I have two other cards with 5000 balance and 3500 balance. i have an ax card with 2700 remaining with a 3.9%. what should i do to maximize my score and save on paying a finance charges. thanks
Would really need more info on that before an answer could be given. Such as when offers expires limits etc... But before you start playing the balance transfer game, take aclose look at the fees involved. Some now have no limit as to the amount of a balancetransfer fee some are capped at 50 dollars.
thanks Brammy for responding. let me clarify: i have a discover card that has 2000 dollars remaining balance with a 12000 limit and 5.9% rate until 6/2008. I have a mc with a 5000 remaining balance and 5500 limit with a 0% rate until 2/2008. i have another mc with a 3500 balance and 4000 limit and 0% rate until 1/2008. lastly, i have an American express with a 2650 balance and 3000 limit and 3.9% rate until it is paid off. i dont want to transfer any balances. I want to pay it all off to increase my score but i dont know what i should do first. i just received some money but i dont know what i should pay first and what is my game plan. i want to increase my score but also not pay any finance charges if i could. i dont know if i should pay off the cards first with interest rates so i dont pay anymore finance charges or should i pay off the cards with a high utl so i can increase my score. Also does it matter if i pay a little more than the minimum payment due. Does this help increase your score. Thanks
Oooh-Tay!!Definitely get those down. I'm worried about that Amex in your portfolio getting you with an FR cause you're almost maxed out across the boards. That being said, do you have any Financial software. I try to pay the most on the one thats costing me the most and that fluctuates not only with interest rates but with card balances as they are calculated on and average daily balance.I use Microsoft Money but Quicken may have similar functionality. Just plug in the debts, the date of next payment and the amount you want to pay. The program will calculate the fastest paydown for you. You can always try using the date you want to be out of debt as well and it will calculate payments and distributions that are most effective. Financial software is priceless unless you have all day with a calc.I also enter my inflow nd outgo from all my accounts to make sure the plan is doable and use the cashflow calculator to make sure my projections wont put my checking account in the red.