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Paying down some cards, which way for best score impact?

Valued Contributor

Re: Paying down some cards, which way for best score impact?


Dustink wrote:

I would ignore my FICO score and put the money towards the cards with the highest APR's.


Anything with an APR is being paid off.  Lowes, Amazon, and Chase is all 0%. 

 


Great plan of attack! I think your right once collection falls off getting UTL down and INQ's over a year old not dinging you mid 700's should be within your reach


I sure hope so.  I'm looking forward to having a score that will allow me to close down Merrick and get in with Citi/DCU. 

Message 11 of 15
Valued Contributor

Re: Paying down some cards, which way for best score impact?

Anything with an APR is being paid off.  Lowes, Amazon, and Chase is all 0%. 

 

>>>>>

Then stick to the idea of few cards with balances yield a higher score. 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 12 of 15
Valued Contributor

Re: Paying down some cards, which way for best score impact?


Dustink wrote:
Anything with an APR is being paid off.  Lowes, Amazon, and Chase is all 0%. 

 

>>>>>

Then stick to the idea of few cards with balances yield a higher score. 


That's what I ended up doing.  It'll take two months to get the full effect as a couple of cards will have some residual interest that will report this month but just with the UTL decrease the increase in score should be pretty good. 

Message 13 of 15
Valued Contributor

Re: Paying down some cards, which way for best score impact?


boomhower wrote:

Dustink wrote:
Anything with an APR is being paid off.  Lowes, Amazon, and Chase is all 0%. 

 

>>>>>

Then stick to the idea of few cards with balances yield a higher score. 


That's what I ended up doing.  It'll take two months to get the full effect as a couple of cards will have some residual interest that will report this month but just with the UTL decrease the increase in score should be pretty good. 


Do you need the bump in score asap? Or is the few month wait okay?

 

If you needed the bump in score sooner, you could overpay the cards so that is doesn't report.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 14 of 15
Valued Contributor

Re: Paying down some cards, which way for best score impact?


Dustink wrote:

boomhower wrote:

Dustink wrote:
Anything with an APR is being paid off.  Lowes, Amazon, and Chase is all 0%. 

 

>>>>>

Then stick to the idea of few cards with balances yield a higher score. 


That's what I ended up doing.  It'll take two months to get the full effect as a couple of cards will have some residual interest that will report this month but just with the UTL decrease the increase in score should be pretty good. 


Do you need the bump in score asap? Or is the few month wait okay?

 

If you needed the bump in score sooner, you could overpay the cards so that is doesn't report.


No need for the score to reach max anytime soon.  Bought my house and cars last year so I'm good for a while as far as any big purchases.  It's just this is likely going to be a new high for me so I'm excited to see what I can get is all.  This fall once the collection is gone and Chase is paid off or close to it I'll add another card or to.  I have a ton of rewards cards but no low interest cards.  Thinking DCU and either a Citi card or maybe the Barclay Ring. 

Message 15 of 15