How should I pay off cards
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How should I pay off cards
| Mon, 08-17-2009 - 10:51am |
I would like some advice from someone who knows how cc companies operate. I have significant cc debt, several at real high rates. I can pay off several cards (about 1/3rd of my total) all at the same high rate, but would like to do it in a manner that I get what I want (if possible). I would like it if the cc companies do not reduce my available credit and perhaps even start making me low or 0 % offers on balance transfers again. So the only options I know of are (A) pay off 3 high balance cards completely, or (B) pay off about half of each high rate card or maybe (C) pay off part of the balances gradually over a few months (sneakin' up on 'em so they won't notice). Any advice from someone who knows? Thank you.

Hi Buck,
I don't think that it really matters what method you choose. Credit card companies *are* reducing available credit, to perfectly excellent customers, for no apparent reason whatsoever. There is no rhyme or reason to their actions, so I don't believe that anyone here could possibly predict which of your creditors may or may not reduce available credit.
0% offers are far and few between. DH has excellent credit, but has not received such an offer in at least a year. I get one about ever 6 months or so from just one of my cards, whereas a couple years ago I was getting the offers weekly, or so it seemed.
My best advice is to pay off whomever you can and hunker down with your available credit until the banks get more comfortable with the direction of the economy.
Danni
cl-phocid, Debt Support Group
All my best,
Danni
I have tried all three things and I believe it matters more the company than the method.
GE Financial, who is behind many cards is just a company hungry to hike rates and take down credit limits.