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Regular Contributor
beautybrainsbooty
Posts: 212
Registered: ‎08-02-2012

best way to pay? 2 cards w/balances question...

I have two cards and due to recent travel I have charges on both. I'm trying not to stress about it but do want to know what to do. Details: About 1500 on one with the lower limit and 800 on the other which is the big boy with a 5k limit. For best score maximization how do I pay this down? Which one first?? Or does it even matter guys??

 

It will take me a month and a half or so to pay it all off down to zero. Help??!!

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
Valued Contributor
tcbofade
Posts: 2,043
Registered: ‎09-26-2011

Re: best way to pay? 2 cards w/balances question...

[ Edited ]

If you're going to pay it all off over the next 45 days or so, I don't think it matters much.

 

If it were me, I would pay off the smaller balance off completely first, then attack the other...


Current Scores: EX 676 (FCR) TU08: 648 Wally (TU08). 07/01/14 Last app 05/29/2014.
Gardening until 01 November 2014.
(Thou shalt not app, thou shalt not app, thou shalt not app...)
Zero percent financing is where the devil lives...
Valued Contributor
SnackTrader
Posts: 1,563
Registered: ‎09-15-2012

Re: best way to pay? 2 cards w/balances question...

[ Edited ]

It shouldn't matter unless you need your utilization to be perfect.  My suggestion would be to make whatever payments you can make on the one with the highest interest rate, since you will be carrying a balance.  Then, hold off on any upcoming applications until you get your utilization back to normal.

 

Remember, FICO forgets utilization after a new balance posts.  So 1 month of bad utilization won't hurt you after that month is over.  In fact, my utilization is always near 40% except when I'm preparing to apply for new credit.

 

Good luck!


In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Regular Contributor
beautybrainsbooty
Posts: 212
Registered: ‎08-02-2012

Re: best way to pay? 2 cards w/balances question...

oh this makes me feel soooo much better! wow. especially since I am going to be doing some extensive travel over the next few months. I was worried my score would tank after I worked so hard to get it up in the 7's. Thank you!!!

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
Regular Contributor
kwazziee
Posts: 148
Registered: ‎09-26-2011

Re: best way to pay? 2 cards w/balances question...

I say if you are not seeking new credits it does'nt reallt matter. If I had to I would pay off teh low balance first then the other.

Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012

Re: best way to pay? 2 cards w/balances question...

+1

Regular Contributor
aplast
Posts: 150
Registered: ‎06-20-2012

Re: best way to pay? 2 cards w/balances question...


tcbofade wrote:

If you're going to pay it all off over the next 45 days or so, I don't think it matters much.

 

If it were me, I would pay off the smaller balance off completely first, then attack the other...


+1. I would def. take care of the smaller balance first. knock that out of the way, and then hit the next card harder and then be free :smileyhappy: hopefully you collected some rewards from those travel purchases!

American Express Green - NPSL, Sams Club Discover - 4000, Paypal Smart Connect - 4000, Capital One - 3500, Barclaycard Visa - 2500, Walmart - 1500, Discover IT - 1000, Ashley Furniture Home Store - 1000, Care Credit - 1000.
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: best way to pay? 2 cards w/balances question...

IMO, you should ignore your score and pay based on interest charges.    If you can PIF one by the due date and avoid interest expenses on one card, I would do that.

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: best way to pay? 2 cards w/balances question...

I would focus on paying the 1500 first since it will be at high utilization. Get that card below 50% utilization and then focus on the 800 dollar one.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Regular Contributor
beautybrainsbooty
Posts: 212
Registered: ‎08-02-2012

Re: best way to pay? 2 cards w/balances question...

thanks you guys! All advice noted and I just made some big payments today towards both cards, we shall see what the fico gods think...

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013

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