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Should i pay down a little on all cards,with a balance or pay off one completely?

Contributor

Should i pay down a little on all cards,with a balance or pay off one completely?

Which would be better for my credit score? i owe approx. $250 on two cards(credit one & Matrix) & $150 on total rewards visa. I am getting a $500 bonus check for car sales this month. Should i a liitle on all my cards($100 or so) or pay off one and make minimum payments...yes i know i shouldn't carry a balance but i had some unexpected expenses come up last month. WHAT SHOULD I DO?

 

Thanks for the input,

AUBURN


IN THE GARDEN TILL 7/1/14!!!
Message 1 of 18
17 REPLIES
Epic Contributor

Re: Should i pay down a little on all cards,with a balance or pay off one completely?


trying_to_B_good wrote:

Which would be better for my credit score? i owe approx. $250 on two cards(credit one & Matrix) & $150 on total rewards visa. I am getting a $500 bonus check for car sales this month. Should i a liitle on all my cards($100 or so) or pay off one and make minimum payments...yes i know i shouldn't carry a balance but i had some unexpected expenses come up last month. WHAT SHOULD I DO?

 

Thanks for the input,

AUBURN


Pure credit score... pay down as many of the cards to $0 you can.

Message 2 of 18
Super Contributor

Re: Should i pay down a little on all cards,with a balance or pay off one completely?

What are the credit limits on the cards?

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 3 of 18
Contributor

Re: Should i pay down a little on all cards,with a balance or pay off one completely?


myjourney wrote:

What are the credit limits on the cards?


credit one- 400 matrix -300 total rewards-500


IN THE GARDEN TILL 7/1/14!!!
Message 4 of 18
Contributor

Re: Should i pay down a little on all cards,with a balance or pay off one completely?

oh and i forgot one! i owe 400 to amazon with a 800 limit.....yeah this one was the wife!!!


IN THE GARDEN TILL 7/1/14!!!
Message 5 of 18
Epic Contributor

Re: Should i pay down a little on all cards,with a balance or pay off one completely?

payoff credit one and matrix and close matrix!

what you trying to raise your score for? depending you can't close matrix right now but Im pretty sure those fees are terrible!

Message 6 of 18
Super Contributor

Re: Should i pay down a little on all cards,with a balance or pay off one completely?


trying_to_B_good wrote:

oh and i forgot one! i owe 400 to amazon with a 800 limit.....yeah this one was the wife!!!


Your just over 30% UTL so pick the ones with the highest interest and pay the largest amount you can then pay the mininum on the rest...That all you can really do now just keep working on them in order of interest rateSmiley Wink

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 18
Contributor

Re: Should i pay down a little on all cards,with a balance or pay off one completely?

oh im always tryin to raise my scores for better  cards. yeah matrix is $99 a year fee and 21% interest...terrible huh, but all my cards are"unsecured"lol yeah right with those fees the might as well be secured huh? but im trying to raise my scores for one year(with no new apps) and then see if i can get some better cards....HERE'S HOPING!

 

thanks for the advice creditaddict!  you always post on my stuff! Smiley Very Happy

 

AUBURN


IN THE GARDEN TILL 7/1/14!!!
Message 8 of 18
Epic Contributor

Re: Should i pay down a little on all cards,with a balance or pay off one completely?

How long have you had all these cards?

When is last time you asked for increases?

Message 9 of 18
Contributor

Re: Should i pay down a little on all cards,with a balance or pay off one completely?

sounds like some sound advice!


myjourney wrote:

trying_to_B_good wrote:

oh and i forgot one! i owe 400 to amazon with a 800 limit.....yeah this one was the wife!!!


Your just over 30% UTL so pick the ones with the highest interest and pay the largest amount you can then pay the mininum on the rest...That all you can really do now just keep working on them in order of interest rateSmiley Wink


 


IN THE GARDEN TILL 7/1/14!!!
Message 10 of 18