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Which Macy's to pay?

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Creditaddict
Legendary Contributor

Which Macy's to pay?

Macys Store - 2k

Macys Amex - 10k

I'm using easy round numbers, they are not exact but anyway.... Think I'm going to have 6k to pay towards.

I know a lot of people have talked about huge score drops with store card reporting any balance now that CL are not reporting, but I honestly don't believe I am taking any hits.  There is a very good chance that as soon as I make the payment on the Amex they will CLD so not sure I will see point gains for either choice.

I'm leaning towards paying the store just so that's a $100 more I can then apply to amex in my monthly payments, what you think?

Message 1 of 5
4 REPLIES 4
larinoriani
Regular Contributor

Re: Which Macy's to pay?

What are the APR's?


Starting Score: EQ 737--TU 742
Nov/2010: EQ 737--TU 742
Nov/2011: TU 753
Goal Score: EQ 800--TU 800


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Message 2 of 5
Creditaddict
Legendary Contributor

Re: Which Macy's to pay?


@larinoriani wrote:

What are the APR's?


 

Store is 24.99

Amex is 16.9 for 11 more months, I'm in hardship plan with them... it will go back up to 24.99.

Message 3 of 5
larinoriani
Regular Contributor

Re: Which Macy's to pay?

Definetely pay the store off! (and keep it that way). Then take the other $4k and put it towards the Amex. You'll see a bump on your score. At thet point you might want to look a around and see if you can get abank or CU personal loan at about 10% for 18-24 months and knock the rest of the Amex.

 

If they decide to do a CLD you'll have more choices to apply for another higher limit card.


Starting Score: EQ 737--TU 742
Nov/2010: EQ 737--TU 742
Nov/2011: TU 753
Goal Score: EQ 800--TU 800


Take the FICO Fitness Challenge
Message 4 of 5
FicoScore626
Frequent Contributor

Re: Which Macy's to pay?

I'd zero balance the store card first since it's the smallest amount owed of the two and then work on chopping down the balance on the AMEX.

Message 5 of 5
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