How should I pay off my 2 credit cards?

Question

I want to focus on paying off these 2 cards before I start a business. I can pay a good amount monthly should I pay one off heavily and than the other or both equally. Both have about 14% interest rates, and I have 0% offers galore. Thanks

Answer 1

transfer the balances to ones that charge 0%. then pay those down as fast as you can before the teaser rate expires.

Answer 2

Skip

- I have been through this before...here is what you need to do.

Step 1 - Get a zero percent interest rate card and transfer as much as you can to them.

Step 2 - Any balance that is left over at 14%, call them and tell them that you are going to transfer the balance and close the card. At best, they should lower the rate. If they dont give you a zero rate, move onto step 2a.

Step 2a - I am hoping that atleast ONE of the cards at 14% can be cleared up completely with the zero balance card. Call them, and tell them you want a zero balance offer, for any transfers that you give them, or you will cancel the card. If they dont give you that, cancel it.

***Someone else mentioned that you should keep your card open for your credit report. That is a good point, but it may not apply to you. You need to figure out the TOTAL amount that you have available on all credit. If you have too much available, that could impact your ability to obtain a business loan.

Step 3 - Now you have two cards, one with a zero balance one with maybe zero but less than 14%. Pay off the one that has a balance greater than zero as quickly as possible. Pay a little bit more than the minimum on the other card

If they are both at zero, focus on the card that has the greater percentage of the available balance used up.

Good Luck - And stay the course! It will be hard work, but worth it.

Answer 3

what you need to do is pay off the one with the higher balance first....once you go over 45% of your available credit your score takes a hit and seeing how you are starting a business you will need the highest score you can get.......once you get one card below the 45% balance get the other one there then from there work on paying off the one with the highest interest then the next.....do not transfer anything and do not open any new account weather it is 0% interest or not you will kill your credit score....when you open up a new account it will go against you for the first 6 months and 1 day before the postive payments flood into your report and most cards that do balance transfers have limits on them that are not much higher then you transfered so you will get a double hit for a new card and having it almost maxed out at the begining..if you have any more questions feel free to email me at [e-mail].

Answer 4

If you have great credit, you should take a 0% offer and transfer both balances, then pay one lump sum every month. However, keep those old accounts open for the HISTORY factor on your credit.

If you dont have good credit dont open a new account-- instead, focus as much money towards the smaller balance first, and a slightly-more-than-minimum payment on the other. Then when the first is paid off, put ALL that extra money towards the second one.

Answer 5

certain, that can assist. in case you'll get your third mastercard right down to a aspect the position you will pay it off in finished each and every bill, that's good. you'll by no skill ought to pay activity. The activity on the mastercard will be better than on the coed loans. Get the ultimate card lower than administration, then see if it may ward off some, or perhaps initiate paying down the coed loans. You sound like an exceedingly smart youthful man or woman. properly finished .... and shop up the strong artwork !!!

Answer 6

Balance transfers may save you the most money. If you are leery of opening new accounts, then there are strategies you can take where you use a combination of accelerated repayment and interest rate negotiation to get them paid off faster.

Answer 7

Stop spending and start paying.