Reply
Contributor
Posts: 202
Registered: ‎06-30-2013
0

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!!!
Epic Contributor
Posts: 24,736
Registered: ‎10-23-2007
0

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.

Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
90 Cards and Counting :smileytongue:
Community Leader
Senior Contributor
Posts: 27,033
Registered: ‎02-07-2013
0

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?

+ Chase ink =




Contributor
Posts: 202
Registered: ‎06-30-2013
0

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!!!
Contributor
Posts: 202
Registered: ‎06-30-2013
0

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!!!
Epic Contributor
Posts: 24,736
Registered: ‎10-23-2007
0

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!

Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
90 Cards and Counting :smileytongue:
Community Leader
Senior Contributor
Posts: 27,033
Registered: ‎02-07-2013
0

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 rate:smileywink:

+ Chase ink =




Contributor
Posts: 202
Registered: ‎06-30-2013
0

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! :smileyvery-happy:

 

AUBURN


IN THE GARDEN TILL 7/1/14!!!
Epic Contributor
Posts: 24,736
Registered: ‎10-23-2007
0

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?

Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
90 Cards and Counting :smileytongue:
Contributor
Posts: 202
Registered: ‎06-30-2013
0

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 rate:smileywink:


 


IN THE GARDEN TILL 7/1/14!!!
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.