Biggest credit boost

[Anonymous]

Which would give me the biggest credit point boost...paying off my car loan that has a $3700 balance or paying off two credit cards with a combined balance of $3800.  Both credit cards are about $200 from the max limit.

Thanks

[CS800]

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@Anonymous wrote:

Which would give me the biggest credit point boost...paying off my car loan that has a $3700 balance or paying off two credit cards with a combined balance of $3800.  Both credit cards are about $200 from the max limit.

Thanks

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I would go for the credit card. At least pay one credit card balance to 0 and then leave enough of a balance on the second credit card so that your util is <9 %. If you do that, seems that you will still have some extra to put towards your car loan.

Revolving credit accounts for 30% of your total FICO so it would make sense to pay down those credit cards. That's my take

[jdxprs1]

believe it or not, paying off the car will hurt your score if it is your only installment loan, so the answer is definetly the credit cards. especially if that amount is near your maximum credit lines.

[Schoolbuskid]

pay the credit cards down or off. 

[Anonymous]

I have a question regarding paying off balances.  I got 2 new credit cards. 1 added an annual fee. Should I pay this compelete off and let it report a zero balance? or just up to the <9% of credit card use?

CL $300.00

Fee $59.99

Thank you!