what should i pay first?

Pay off Citi 2 since it has the highest interest rate. It will also lower your utilization, helping your FICO. I dont know if paying off the student loan would help your FICO or not.

 

CITIBANK #2

 

I say pay off that student loan. It is the highest interest rate and if you ever have financial problems in your lifetime that would be the one you can't get out of.

 

I agree with GEORGE and the_witz. You should always pay the highest interest rate first. I have a spreadsheet that I update every month with balances and interest rate. I have a set amount of extra money (above minimum payments) that I am using to pay off my debt. Whichever one has the highest rate gets all the extra money, the others only get the minimum. When the one with the highest rate is paid off, the amount you were paying on it (including the minimum for that account) becomes the extra which goes to the next highest, etc.

By always paying the highest interest rate you will get everything paid off sooner, as debt you're carrying is at lower rates than what you're paying. If you ever get to the point that you can make more interest than you're paying, pay the minimum and save the rest in the higher interest.

Any extra money you get, like bonuses or tax refunds, pay extra on the highest interest rate.

This will maximize your wealth, and building wealth over the long term should be the goal.

 

I would say pay off the student loan. You might be tempted to run up the Citibank again.

Use the extra cash towards either Citibank or some sort of investment.

 

Pay the student loan for the reason that bbauer mentioned and apply the $800 towards your Citibank 2.

 

I would agree with those that say the student loan. Especially since you mention the Citi card in question is your every day card. I'm assuming you mean you use it regularly?

 

reply to allen074:

I would say divide the money into two halves, and pay one half to the student loan and the other half to Citibank.

Student loans ... << repeat bbauer's statement >>

Citibank .... recently amended their terms and conditions to include an arbitration clause, and you agreed to them if you charged the card after Aug 2002. This clause makes it hell on you if you ever were to hit financial difficulties in future. You can't sue them, and you agree to be bound by the kangaroo courts called "arbitration hearings"

 

Ok. So you can't sue them. But guess who you can sue. You can sue the individuals who may have broken the law. It wasn't the company that broke the law but rather the employees of the company who broke the law.

Same thing with the collection agencies. You can sue them and you can sue the collection agencies and you can sue the attorneys too.

None of them are above the law and all are responsible for their own actions.

So when dealing with all of them get names and get well prepared to kick butt.

Can't sue the original creditor? Who cares? Let them go nuts trying to spend big bucks defending their employees.

There are always more than one way to skin a cat. And if the attorney breaks the law then he can be sued and he don't have the arb protection.

Only the CC has that protection.

 

In a message dated 4/5/03 2:31:19 PM Pacific Standard Time, LBrown59 writes:

<< 5* "validation" letter to the rest after my first round goes through.
10*I have a few that were opened in 1995 so I'm not sure if I should go after those for the seven-year thing
lakedorr |
$$$$$$$$$$$$$$$$$$$$

5*Read the green thread below. Click on the blue link
10*7 yrs ended in 2002.
What's to be unsure of?
>>


The END ************************* LB 59