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credit cards?
credit cards?
Is it better to pay a chunk off of my credit card that has a VERY HIGH intrest rate, or completely pay off another credit card and half of another credit card? I have three cards and can pay them all off in a few months, but want to be smart about which ones first.
Answers:
rhino72032: It would be helpful to know:
the balance on each
the rate on each
and the amount you intend to pay each month.
2007-08-14 18:22:15
the balance on each
the rate on each
and the amount you intend to pay each month.
2007-08-14 18:22:15
Jeremy: I personally would recommend to pay off the big rate cards first or better yet, if you have the available funds transfer the balances over to the lowest rate card and pay just one bill a month.
2007-08-15 13:57:48
2007-08-15 13:57:48
UncleVin23: The best thing to do is pay off the smaller balance first. I'm assuming since its the smallest, you can afford this one the easiest. Once you pay that one of..take the money you were paying do it, and pay off the next one, and the last one.
The "trick" is: just get one bill out of the way at a time. once you pay off your smaller cards you'll have more money to pay off your largest balance.
By the way: with your high interest credit card. If you are a good customer with them, you should call them and tell them you found a better rate and you're going to transfer their balance IF they don't match the rate (make up a reasonable rate). Sometimes, they will match the rate...if they don't; nothing happens. You have nothing to lose by trying.
2007-08-16 17:54:44
The "trick" is: just get one bill out of the way at a time. once you pay off your smaller cards you'll have more money to pay off your largest balance.
By the way: with your high interest credit card. If you are a good customer with them, you should call them and tell them you found a better rate and you're going to transfer their balance IF they don't match the rate (make up a reasonable rate). Sometimes, they will match the rate...if they don't; nothing happens. You have nothing to lose by trying.
2007-08-16 17:54:44
domokun1979: Id actually recommend something a bit different!
Id recommend using a balance transfer scheme (that is probalby offered by the lower APR credit card) to transfer all the money on your high interest card to your lower interest card.
Then make a payment off this new balance which is on a lower APR
2007-08-17 05:02:45
Id recommend using a balance transfer scheme (that is probalby offered by the lower APR credit card) to transfer all the money on your high interest card to your lower interest card.
Then make a payment off this new balance which is on a lower APR
2007-08-17 05:02:45
Cindy: lower the balances evenly if you are trying to keep your credit scores maxed.
If you think you will be needed to access your credit and want to keep your scores as high as possible.
First goal, try to get all credit cards below 50%
2nd goal, pay them off in any order after that
DO NOT CLOSE OUT THE ACCOUNTS. Once you have paid off the accounts keep them open. Usually the highest interest credit cards are the oldest and you don't want to use them, but you do want to keep them open.
The older your credit history is, the better.
2007-08-18 10:58:31
If you think you will be needed to access your credit and want to keep your scores as high as possible.
First goal, try to get all credit cards below 50%
2nd goal, pay them off in any order after that
DO NOT CLOSE OUT THE ACCOUNTS. Once you have paid off the accounts keep them open. Usually the highest interest credit cards are the oldest and you don't want to use them, but you do want to keep them open.
The older your credit history is, the better.
2007-08-18 10:58:31
Chosen Answer
Brock R: You could always pay off the higher rate card and transfer the balance of the remaining card to a 0% card. Then you will not only be saving money by not paying interest on the high rate card but you will be saving interest from your lower rate card as well by transferring it to a 0% card. I hope this helps. A great site to compare 0% cards is http://www.expectcredit.com/
2007-08-18 12:23:08
Brock R: You could always pay off the higher rate card and transfer the balance of the remaining card to a 0% card. Then you will not only be saving money by not paying interest on the high rate card but you will be saving interest from your lower rate card as well by transferring it to a 0% card. I hope this helps. A great site to compare 0% cards is http://www.expectcredit.com/
2007-08-18 12:23:08