Credit Card Debt Help Please! 14% APR?
Ok, I am in a really bad situation and could use some prudent advice.
Here’s my info:
I have about 8k in debt with my Citigold debit card. 14.5 annual APR
I have about 23,800 in debt with my citibank platinum select card w/ 0% interest on it until January 09′. Upon which it reverts to 6.24 variable interest.
I have a bank of america balance transfer mastercard with a 12 month 0% account w/ 1200 credit line open being unused so far. The 0& offer on this card ends in July.
Now I have about 5k in cash I can use to reduce my balance. I’m thinking of just using the 5k to pay down my citibank platinum select. However, should I use that money to pay off my citibank debit card?
I’m very confused here. I also am thinking of asking for a credit line increase to Bank of america from 1200 to 10k. I started this account back in July. I’m hoping to do a balance transfer.
Basically I thought I could use balance transfers to deal with my debt but with the economy tanking, things are getting hard.
My credit score is around 740.
So my questions are:
1. With the 5k, which account should I pay down first?
2. Should I ask for a credit line increase on my bank of america card? Would it be smarter to just ask for 5k first instead of 10k? It was opened in June with no activity since.
3. Should I open a new balance transfer credit card and try to take advantage of a 0% balance transfer opportunity?
Thank you so much, any help would be appreciated!