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Old 03-12-2008, 10:05 AM   #1
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Default Paying off credit cards??

I have two credit cards. The one with the highest balance is 11.99%. The second one is 0% until November. I have enough money to pay off the 0% card right now, but I know that you are supposed to pay off the higher rate cards first. Should I just save up until I get enough to pay off the high rate one, or go ahead and pay off the no interest card now and put that payment toward the high rate one?
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Old 03-12-2008, 10:09 AM   #2
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Why not take what you have now and put it towards the high balance one?
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Old 03-12-2008, 10:11 AM   #3
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I'm starting to warm up on the idea of transferring balances to the 0% cards to avoid interest payments. Then paying off is all principal payments. I'm in the market for a professional financial consultant though and I haven't seen one yet so take that for what its worth.
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Old 03-12-2008, 10:41 AM   #4
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Why not take what you have now and put it towards the high balance one?
That's my question. Should I put that money toward the high rate card or should I completely pay off the 0% card?

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I'm starting to warm up on the idea of transferring balances to the 0% cards to avoid interest payments. Then paying off is all principal payments. I'm in the market for a professional financial consultant though and I haven't seen one yet so take that for what its worth.
The only thing about doing this a lot is that it hurts your credit. Every time you apply for another card over short periods of time, your credit takes a good hit. That is what I read on a "good credit how to."
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Old 03-12-2008, 10:42 AM   #5
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the 0% doesnt cost you anything, why would you pick that one over one that you have a higher balance and are paying money towards?
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Old 03-12-2008, 10:47 AM   #6
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Originally Posted by TN94Z View Post
I have two credit cards. The one with the highest balance is 11.99%. The second one is 0% until November. I have enough money to pay off the 0% card right now, but I know that you are supposed to pay off the higher rate cards first. Should I just save up until I get enough to pay off the high rate one, or go ahead and pay off the no interest card now and put that payment toward the high rate one?
depends. I have a goodyear card and its 0% interest and no payments for 6 months.... however..... if you dont pay that off within the 6 months, the interest (23%!!!!!) will come back and bite you in the ***....

I'd say pay off the 0 interest one.....
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Old 03-12-2008, 10:53 AM   #7
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the 0% doesnt cost you anything, why would you pick that one over one that you have a higher balance and are paying money towards?
The only reason is because I can pay it off completely, plus another no interest bill completely compared to just paying some on my high rate card. I don't care which one I do, I just want to make sure I am using the money in the best way.
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Old 03-12-2008, 11:04 AM   #8
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That's my question. Should I put that money toward the high rate card or should I completely pay off the 0% card?



The only thing about doing this a lot is that it hurts your credit. Every time you apply for another card over short periods of time, your credit takes a good hit. That is what I read on a "good credit how to."
I do that **** all the time and my credits Mint, i think a credit card company wrote that **** you read. LOL
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Old 03-12-2008, 11:07 AM   #9
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my credit kinda blows.... Best Buy saw me coming lol
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Old 03-12-2008, 11:08 AM   #10
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I have seen the hit first hand. It won't destroy your credit but it will knock some points off. I have a high credit rating also...and I keep an eye on it. I have a family member that does the credit card shuffle and he showed me where it knocked his score down some.
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Old 03-12-2008, 11:09 AM   #11
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my credit kinda blows.... Best Buy saw me coming lol
Speaking of best buy...I just bought a plasma flat panel with no interest for 3 years!!! Talking about borrowing money for free!
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Old 03-12-2008, 11:32 AM   #12
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I have a family member that does the credit card shuffle and he showed me where it knocked his score down some.
Was it a temporary hit and how significant I wonder?
I've heard a couple people testify the drop is "negligible" and temporary.
Who knows, I should prob wait till I talk to a professional.
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Old 03-12-2008, 11:41 AM   #13
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Yeah, I would talk to someone because I am by no means a professional. It has been a while but I don't remember it being that big of a hit. I don't know about the temp thing...that could be true. I would like to know this myself.
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Old 03-12-2008, 11:44 AM   #14
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Speaking of best buy...I just bought a plasma flat panel with no interest for 3 years!!! Talking about borrowing money for free!
damn!! 3 years? that's pretty impressive.
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Old 03-12-2008, 11:46 AM   #15
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I know. I couldn't resist. It was for 3 days a couple of weeks ago.
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Old 03-12-2008, 12:02 PM   #16
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just pay off the one with the highest balance.
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Old 03-12-2008, 12:03 PM   #17
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I would Give Dave Ramsey a call he seems to have the best advice when it comes to those dam credit cards.
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Old 03-12-2008, 12:35 PM   #18
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To a point. Debt to income, the amount of credit you have, like a 25K line of credit with a 0 balance isn't good. Banks are looking for a history. A history of having credit and paying your bills on time.

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Old 03-12-2008, 12:55 PM   #19
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Put it towards the one with interest. And put what you have now, don't wait till you have enough.
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Old 03-12-2008, 02:15 PM   #20
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Thanks guys. I am going to go ahead and pay it on the high rate card and get it paid off. I should have it paid off in about 2 months. At least that high rate will be gone. Thanks again. Some good advice here.
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Old 03-12-2008, 02:15 PM
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