Anyone use the myfico software?

[Judi Dial]

I'm considering buying myfico software to help us estimate which credit cards to get pay off, get rid of, etc.

I found two packages at myfico(dot)com.

Any recommendations or comments would be appreciated!

Thanks in advance --

Judi

[sweeps]

I'm not sure what they would tell you that you wouldn't already know or couldn't learn from folks here.

In general if you want to save the most money, pay the minimum on all cards; then put as much extra money as you can afford toward the card with the highest interest rate. Once that card is paid off, go to the card with the next highest rate, etc.

In some cases it may make sense to pay off the cards in a different order. If you post your debts with balance, rate and fee info, we can provide further guidance.

[Ashtrom]

First off all you need to understand what you would like to achieve. Just spend a lot of time tracing every transaction or thinking about new investments and how to increase your financial IQ. In this case I prefer something simple. I think about result rather than a process.

[glock35ipsc]

Two schools of thought are:

1] Pay minimums on all cards except the one with the highest interest rate, and pay every penny you can find on top of the minimum payment to that one until it's paid off, or

2] Pay minimums on all cards except the one with the lowest balance, and pay every penny you can find on top of the minimum payment to that one until it's paid off, and

take all the money that you were paying on the first card and add it to the minimum payment of the next one in line. Continue this until they are all paid.

Paying the higher interest card will usually save you a few hundred in interest in the end, but the physiological reward of quickly paying off a card and moving to the next by using #2 if great as well.

Here are a variety of calculators that will help. You shouldn't have to spend a dime to figure this out, especially to the I Love Debt Corporation..... er, I mean to the Fair Isaac Corporation.