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CC Payment Question

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stemargal
New Member

CC Payment Question

So I have a 6 month plan to pay all my bills off, I just finshed a second long distance move and had to charge some items. I will be able to write them off next tax season. Anyways I am trying to build up my credit to buy a new car in the fall and was wondering which option will help my credit score faster? My score isn't horrible right now but I want it to be the best it can be and getting my utilization down will help. 

 

I have two CC that have 15% interest that will take me the longest to pay off but then I have two smaller cards(furniture and electronics) with 0% interest.

 

I could pay both smaller cards off in two months and pay a smaller amount(Still at least twice the minimum payment for those two months) on the two larger accounts

 

or 

 

I could pay a smaller amount on the smaller cards and make a bigger payment on the big ones.

 

Either way I won't be 100% done untill the about October but if I want it to start looking better sooner? Part of me would rather take advantage of the 0% interest and take my time to pay those off but if paying those off will look better faster maybe that is the way. 

 

Thanks for the help!

 

Message 1 of 3
2 REPLIES 2
jesseh
Frequent Contributor

Re: CC Payment Question

Welcome to the forum! Please take the time to further introduce yourself, what is your current score, what cards do you have?

 

How much is the balance on the small cards? You need to decide whether reporting 0's (which looks good) or paying no interest is worth most for you

Cards: BCE 24k 5/'17 | CF 12k 10/'15 | IHG 12k 10/'15 | HH 6k 6/'18 | DS It 6k 3/'15 | TR 5k 11/'15
Scores: 760-770 | Inquiries: 0-1 | Utilization: 0-10% | AAoA: 3yrs | Bank: Ally | CU's: Navy & Pentagon
Message 2 of 3
user5387
Valued Contributor

Re: CC Payment Question

You could pay off the small cards and consolidate the big cards into an installment loan, and thereby zero out your revolving utilization.

 

Moving revolving debt to installment often helps scores, because the two types of debt are scored differently.

 

Message 3 of 3
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