Organize your Credit Card Debt!

woman choose one credit card, concept of  credit  debt

Do you have multiple department store or gas cards that you never use or pay annual fees for cards that never see the light of day? Maybe it’s time for a little house (or wallet) cleaning!

Pay. If you have numerous credit card balances, tackle the one with the highest interest rate first and pay the minimum amount required on all of your other balances. When that one is paid off, roll that amount into the next highest credit card balance (old amount plus the minimum balance required).

Transfer. Consider transferring your higher rate credit card balances and loans to a card with a lower rate. Also, research VISA® Balance Transfer specials which can offer a very low rate for a specific amount of time.

Choose. Figure out which card you’ve had for the longest amount of time. Make sure to keep this card open, since lenders often see borrowers with short credit histories to be riskier than those with long credit histories. Determine one or two cards to utilize regularly and leave the rest at home. If you have a card that has a low interest rate or offers rewards, it may be best to keep it open. It’s alright to close those credit cards that you’re no longer using, as long as they don’t have balances and you have other cards.

Follow up. If you choose to close a credit card, make sure to send a letter to the issuer sharing your decision. Double check your credit report to see if the card is reported as “closed.”

Which Members 1st VISA Card is Best for You?

Cash Back – Earn cash back for everyday purchases.
red chip card_hi-res

Points – Earn points to use towards great items.

Low Rate – No frills, just a low interest rate.

For more details or to apply click here.

Already have a Members 1st VISA credit card? Ask for a credit line increase!

Learn about our fee-free balance transfer program.

Members 1st logo

  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: