 I need a loan and i dont work am gettin maried in aug and need money fast.help? |
| ive tried lots of loan companys and they take to long or i dont get anything .i dont no what to do and gettin really stessed.am gettin married soon and did money ... |
|
 Can you go too jail if you ordered stuff Online? |
the teacher asked us a question.
Can you go too jail if you ordered stuff Online and you didn't pay? What if you used the billing address to somewhere and the shipping order too your ... |
|
 How do I go about eliminating my credit card debt? |
| I am 23 with a nine-month-old son, and I owe (on top of my student loans from college) approximately $30,000 in credit card debt. I am looking to do a debt management/consolidation program, but was ... |
|
 I need advice on credit card debt? |
| I have about 2,500 in credit cards that went to collections, what happens if I start over with new means of rebuilding my credit and stay on top of making payments will my credit score go back up or ... |
|
 How do i remove negative account history from my credit report? |
| i have a copy of my report and although all put one account remains open , some closed are in my negative history list!! i am trying to raise my score.. for the pat three years i have been paying ... |
|
 How can i ruin my credit on purpose? |
| i hate the idea of being worth only what a credit company tells me i am. i want info on how to ruin my credit beyond repair.... |
|
 Garnishment of wages? |
| with a garnishment against your wages can they take money from a checking account in your name?... |
|
| I am moving overseas from UK and am in debt? |
| what methods to debt collectors use to chase debt in another country does anyone know ? If you buy a house can they find you, serious answers ... |
|
 My sister is in debt, creditors have refused reduced payments what does she do now? |
Additional Details
She got into debt through an ex partner, basicially he was a charmer and she was a mug. took her for every penny that she had then turned violent towards her ... |
|
 Should I pay my credit card balances and leave them open or close my accounts? |
| I have three credit cards (only about $1,500 total) and I am paying them off when I get my income tax returns. Is it better for my credit to keep the accounts open with a zero balance or to close ... |
|
 Is anyone else in loads of debt??!? |
I have got myself in quite a bit of debt and its only started to dawn on me?! Is there anyone else out there in the same situation? ... |
|
 If I paid 2 payments a month on my credit card. Someone told me my score will increase 6 points. Is that true |
| I'm refinancing a house and I heard a lady say this at a seminar that if I paid 2 payments every month, each payment counts for 6 points increase to my FICO score. Is this accurate?... |
|
 Can i take ripped up money into a bank to change it??? |
My little boy (3 years old) has ripped up 3 ten pound notes, i have all the pieces but they are in about 30 pieces, can i take them in to a bank to swap them
Additional Details
I know i ... |
|
 Whats better Mastercard or Visa? |
Is there any difference?
Its just that with my bank if I apply online I get a Visa and if apply by phone I get a Mastercard. Weird.... |
|
 I lost my bank card!!? |
| Ands I write my pin on the front of it so I don't forget it, what do I do? :(... |
|
|  |
Paris P | Received a work bonus- pay off one credit card or spread over 3? |
I received a $5000 bonus check from my job this week and I have 3 credit cards, one with a $2500 balance, a $2300 balance a $3000 balance (but at 0% for 2 more months). Should I take my lump sum and completely pay off one card or should I spread the payment over all 3 in order to increase my credit score? |
 |
 
CreditCards.com
 |
Way to go! Good choice on knocking down that credit card debt.
There are two considerations:
-- What gets the debt paid off the fastest? and
-- What is the best for my credit score?
The first one is easy: Paying the debt with the highest rate always gets you out of debt the fastest. Some people like to pay off the cards with small balances first, to give themselves a feeling of accomplishment and keep themselves going. If you're that sort, go for it. But putting money toward the debt with the highest rate is the most-effective method.
The second part is trickier, because credit scores are complex. But one thing is for sure: One key component of the score is the ratio of your used credit to available credit. That means that if your goal is to improve your credit score as well as cutting debt, you've got to look up your credit limits on your cards, and pay extra on the one that's closest to maxing out.
If you're lucky, the card with the highest rate is also the one closest to being maxed out. If that's the case, the decision is easy: Throw all the money at that card.
If it's a mixed bag, the decision is tougher, and it will be up to you to decide whether getting out of debt as fast as possible is more important than getting your score as high as possible. Once you figure that out, then it's just a matter of balancing your payments accordingly.
The only other question I would ask you is whether you have an emergency fund. If you don't, see if you can get another card with 0 percent when your two months run out. See http://www.creditcards.com/balance-transfer.php for a list of balance transfer cards. Keep a balalnce at 0 percent as long as you can, and use the time to build up an emergency fund.
Good luck! |
|
Oldwhiteguy2earth
 |
You don't need to increase your credit score. Pay off two of the cards and don't use them any more. The only people who should qualify for lots of credit are the people who don't need credit. |
|
Chantal G
 |
Pay off the cards with the $2500 and $2300 balances. Apply the remaining $200, plust the amount from your salary that you would normally distribute among all three cards, toward paying off the $3000 balance. |
|
Arby
 |
That depends some on your interest rates. It's almost always a good idea to pay down the highest rate first. |
|
OC1999
 |
Are you going to be able to pay off the credit card with a $3000 balance in the next 2 months? If not, then I would pay off the one that has(will have) the highest interest rate first. Then take the remaining amount and pay as much as you can on the one with the next highest rate.
Now, if you are going to be able to pay the $3000 off in 2 months, split the 5K between the other two. |
|
XoxoxoxoX
 |
What are the interest rates on all of them (despite the 0% for next 2 months). Pay ALL amount of your bonus the the highest interest rate account. If there is any left over amount, then pay the next highest account. Do NOT spread payments among them.
BTW, once you pay off one of them your credit score is going up anyway, because credit score see all account as ALL, not individually. So just pay all the $5,000 bonus money to your debt to lower the debt ratio to all your available credit limits. So no need to spread them to raise your credit score. |
|
cathy-chacha
|
I would pay off the 2500 and the 2300 . that would leave you one to worry about and get yourself a little treat with the remaining 200. if you spread it out you have still got three ,just with lower balances and theres always the chance you may run them back up and be back where you started. |
|
Kaitlyn C
 |
I would definitely pay off the one with the highest interest rate. |
|
Jon Jong
|
This question has a double answer. Are you trying to pay the least amount of interest or are you trying to obtain the highest credit score?
I would drop your balances below 50% to get a higher credit score. In the long run, a higher credit score will save you much more $ than a 0% interest credit card. It could be the difference of several percentage points on a car loan or mortgage loan.
To pay the least amount of interest; put all the bonus money towards your highest interest credit card.
To obtain the best credit score (fix credit) try to pay all your credit balances to the lowest % possible. In the bureaus eyes, 50% balance or higher is considered to be a maxed out credit card and most likely will drop your scores.
Do whatever you can to drop your balances below 50% of their limit. If you have a $1000 limit on your card, don't take the balance over $499.
What shows on your statement at the end of the month isn't exactly what the credit bureaus see. The bureaus could choose to pull your balance on the 1st of this month and the 16th of next month. |
|
karenobrn96
|
I would pay off the one with the highest intrest rate then put what ever is left on the next highest one... |
|
Gorgeous
|
Your credit will look better if you have all your cards at 33% full or less. (Some cards or companies may say higher percentage than that.) However, if you are looking at trying to pay off debt and stay out of debt and/or saving money, you ought to look at which card has the highest interest rate and pay that one off first. If you had these three cards and were paying off the cards without this bonus, I'd suggest you snowball, paying off the smallest first, and then taking the money you'd been paying on that one and moving it to the next smallest card instead of spending it until all cards are paid off. But since you have this bonus, I highly suggest you pay off the one with the highest interest rate, and then apply the rest to the next highest interest rated card. Then, if you have not already done so, I'd put your cards in a container and freeze them in ice. (If you are going to try to avoid spending and going into debt.) Not having your cards with you is the best way to ensure you cannot spend anything...Good luck! |
|
Julie S
 |
Hello, with past experiences I was told by a finacial advisor to pay off the lowest credit card first. |
|
shagster202
|
I would agree. Pay off one of the cards completely and then continue making equal payments on the other two. Glad to hear that you are paying down debt and not treating it like 'found money' and going on a shopping spree. Good for you! |
|
angel eyes
|
spread the payment over all three,save a little extra to treat yourself. |
|
Camilla the First
|
Sorry I am totally the wrong person to give advice about money and how not to spend it. But pay off one card out of the way would be the adult way of dealing with it, not blowing it at the January sales. Some sensible person will I hope give you sound advice. |
|
nobrethequeen
|
hello, i would pay something more than the minimum payment on the highest credit card dept. then i would put at least half of that bonus in the savings account & keep $500 for mad money & use the rest for the bills. nobrethequeen |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
16 | 19 minutes(s) ago
| | | |
16 | 53 minutes(s) ago
| | | |
16 | 1 hour(s) ago
| | | |
16 | 5 hour(s) ago
| | | |
16 | 10 hour(s) ago
| | | |
16 | 1 day(s) ago
| | | |
15 | 3 day(s) ago
| | | |
15 | 6 day(s) ago
| | | |
14 | 2 week(s) ago
| | | |
16 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
