Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
thugjt

0 Contributions
0 People Helped
should i transfer balance to lower rate card when I am trying to pay off all credit cards?
I set up a schedule (on my own, not with a credit service) that will get all of my credit card debt paid off in two years. This is split over just two cards. The card with a lower rate has increased my credit limit by an amount that is essentially two scheduled payments on the other card. Should I transfer as much balance to the lower rate card as I can, and still make the scheduled payment to both cards? Or should I leave well enough alone and just stick to the plan? I am not using either card.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7370 Contributions
3810 People Helped
Most Helpful Response

Helpful to 2 out of 2 people

Since I don't know any of the information on the credit cards, it's not easy to give advice on how to go about it.  That you're not using the cards right now and are intelligent enough to not be paying a "credit repair" service when you can put that money to resolving the debt is very commendable.

I don't know if this is possible in your case, but I have 3 cards that were charging almost 20% interest and I managed (surprise!) to get a credit card with higher credit limit and lower interest rate and would charge 0% interest on balance transfers for 12 months.  This is enabling me to get all 3 card balances paid off faster than normal just by paying what my previous total payments were on this account.  If you can consolidate like this, it would be a great idea.

If not, consider putting the major effort into paying off the smallest balance card as quickly as possible while paying the minimum payment on the other card until that card is paid off.  Then combine the two payment amounts to pay off that other card quick.  You can also play with the debt repayment calculator on this site to see what would work best in your circumstances.

Don't close these credit card accounts, though.  Having a good amount of available credit is positive.  You can use these credit cards for small purchases and pay them in full every month.

Wish you success in getting the cards paid off.  You're off to a good start, really.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.