Advice on what cards I should pay to help my FICO scorei

[chefd2]

Good afternoon.

I am looking for some advice on how I should pay my different CC acounts.

I have $45000.00 that I am going to use to pay then down. Here is the cards.

Card           Bal.              Limit

Amex     10000.00       14000.00

Visa 1     12500.00      17500.00

Visa 2      2000.00        5500.00

Visa 3     11600.00       12000.00

Mastercard  13000.00   178000.00

Visa 3    18500.00    25000.00

discover  3600.00   6500.00

I am looking to see how best to spend the 45000.00 that would have the greatest impact on my FICO score. Please let me know if you need any further information.

Thanks in advance

[Enjay]

I'd pay everything down to less than 50% of CL and then pay off the cards according to interest rate.

[newhis]

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@Enjay wrote:

I'd pay everything down to less than 50% of CL and then pay off the cards according to interest rate.

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+1   Not a single card above 50% util.

I think the card with 11,600/12,000 is causing the most damage.

I would also pay Visa 2, just to have at least 1 card at $0 balance. Good luck.

[brother7]

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@chefd2 wrote:

Good afternoon.

I am looking for some advice on how I should pay my different CC acounts.

I have $45000.00 that I am going to use to pay then down. Here is the cards.

Card           Bal.              Limit

Amex     10000.00       14000.00

Visa 1     12500.00      17500.00

Visa 2      2000.00        5500.00

Visa 3     11600.00       12000.00

Mastercard  13000.00   178000.00

Visa 3    18500.00    25000.00

discover  3600.00   6500.00

I am looking to see how best to spend the 45000.00 that would have the greatest impact on my FICO score. Please let me know if you need any further information.

Thanks in advance

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AMEX pay 6,500. New balance = 3,500 (25% of 14,000)

Visa 1 pay 8,125. New balance = 4,375 (25% of 17,500)

Visa 2 pay 625. New balance = 1,375 (25% of 5,500)

Visa 3 pay 8,600. New balance = 3,000 (25% of 12,000)

Mastercard pay 8,550. New balance = 4,450 (25% of 17,800)

Visa 4 pay 12,250. New balance = 6,250 (25% of 25,000)

Discover pay 1,975. New balance = 1,625 (25% of 6,500)

Total payment so far = $46,625

With all cards at 25% utilization, start paying remaining balances with any additional cash.

Two schools of thought here:

1. Pay off card with lowest balance first. This is the Dave Ramsey approach.
2. Pay off card with highest interest rate first.

Also, CUT BACK ON CREDIT CARD USE!

Good luck!