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Which Should I Pay Off?


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2 replies to this topic

#1 creditworthy01

creditworthy01
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  • 12 posts

Posted 10 April 2017 - 01:22 PM

Hello,

 

My husband was out of work for close to a year. We lived off of our savings and his unemployment during this time. He's since found a job, however, we were down to our last nickel when he started the new job. His unemployment caused me to use my credit cards more than normally. I've applied for a consolidation loan with our credit union, they've approved me for $10,000. In what order should I pay down the following debt in order to improve my credit score?

 

1. Amazon - $2,721.64 APR 26.49%

2. Chase Visa - $2,715.66 APR 27.49%

3. Macy's Amex - $3,493.63 APR 25.99%

4. Nordstrom - $1,961.34 APR 23.40%

5. Home Depot - $350.78 APR 22.99%

6. NIHFCU - $1,820.89 APR 4/9%

7.Navient - $4,959.56 APR 8.5%

 

 





#2 morpheus0327

morpheus0327
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Posted 10 June 2017 - 11:12 PM

You might want to also mention the respective credit limits on each of these cards, as that will be useful to give better suggestions. In my experience, carrying a high balance on even one CC might hurt your overall credit profile. You could try this: Suppose on one of your cards you have 90% credit utilization while the same on another is 25%, best would be to reduce the 90% down to something like 50 or 60%. Overall, try to normalize your usage on each card, and pay off each such that they all are around 30%. That's one guideline. Another strategy could be to minimize your interest payment. In that case try paying off your high-APR cards first, as they cost you the most.

 

Maybe try a combination. Good luck!



#3 Kat58

Kat58

    CB Detective

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Posted 11 June 2017 - 01:06 AM

You might want to also mention the respective credit limits on each of these cards, as that will be useful to give better suggestions. In my experience, carrying a high balance on even one CC might hurt your overall credit profile. You could try this: Suppose on one of your cards you have 90% credit utilization while the same on another is 25%, best would be to reduce the 90% down to something like 50 or 60%. Overall, try to normalize your usage on each card, and pay off each such that they all are around 30%. That's one guideline. Another strategy could be to minimize your interest payment. In that case try paying off your high-APR cards first, as they cost you the most.

 

Maybe try a combination. Good luck!

 

Hello delurker   :)

 

This is a duplicate thread that should have been deleted long ago.

 

Here's the other thread if you would like to check it out...

https://creditboards...58#entry5625161






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