I know not to close CCs because it lowers your available credit. BUT Ive been really looking at my cards. First Ill say theyre ALL sub prime because of my Ch 7 bk but Im slowly building my credit back up. Im making $2000 at the end of the month and will pay 1 card off. The others one a month until theyre done. This is the order Im thinking to pay off. Tell me if any changes should be made. Thanks.
WaMu. $1300 limit currently @ 0% 6 mo intro. I dont know what the interest rate is. Im searching the website now. This one was opened in October. I think I should pay this one first to avoid interest.
The next one is a very high interest 23.99% and also has a monthly fee 10.95 and a yearly fee 119.95. I didnt read the fine print when I opened it. This ones a no brainer. It was a $850 limit but I already closed it. Yearly fee will be charged in April. Im thinking this should be #2 paid off (in March)
#s 2-3 are my Cap 1 accounts. $300 and $500. Interest rate 19.15%. I dont know if theres a yearly fee and/or what it is. I dont think there is one.
Orchard Bank. Secured Card. This card I got 2 months after my Ch 7. Ive had it over 2 years and its only a $200 limit and is @ 17.95%. I really think i need to keep this one because its my entire credit history but should I send them more money to make the available credit more? Maybe like another $1000?
My plan is to keep the WaMu card because its the highest limit and the Orchard Bank because that one Ive had the longest.
Should I close both the Cap1 accounts along with the one I already closed? How much of a hit will my CR take to close 3 CC accounts within a couple months time? Should I space them out? Will it matter? I know theyre just small limits but all together thats $1650 in available credit and leaves me with $1500 in available...
The only other things on my CR are my car and student loans which are both paid on time every month.


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And even tho the one was the 2nd highest limit it was costing $252 a year just to have the card even if I never use it! And Im scared of Cap1. Im afraid Ill all of a sudden have fees with them or something. I need to look over my paperwork I got from them when I opened the cards.

You have the right idea to pay off the cards in the order of their interest rates, from highest APR to lowest. However, what is the interest rate on the Washington Mutual once the promo 0% APR runs out? I'm guessing it is less than your other cards(judging by the solicited offers I keep receiving from those guys...but please correct me if I'm wrong). Therefore, it would be in your best interest to pay the other cards before you pay off the Washington Mutual card.
Never had a card with them though, just got a bunch of really shitty offers from them all the time a few yrs ago when my credit score was low.
(yikes!) Perhaps you could close out all but 1 gradually, kinda phasing them out over a period of time? Also -- I already stated this in my other response -- I read an article that stated that it really doesn't hurt your credit that much by having multiple cards open, as long as the utilization is low and they're paid on time.

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