How to get the most bang for your buck...............

[Anonymous]

So as we all know, tax refunds are right around the corner. I know that with mine i will be paying down CC debt. BUT I wonder if there's a magical payment pattern that will gain the most credit score points increase. Would there be a diffferent increase from a lump payment vs. multiple payments? I'm looking to pay in full about 7K in 3 months. 

[-NewGuy-]

Paying the correct lender will have an impact, not spacing the payments

[Anonymous]

---

@-NewGuy- wrote:

Paying the correct lender will have an impact, not spacing the payments

---

How would one know what card/lender would be best ot pay off? I was off by the amount i'm paying. These are the cards I carry balances on.  BALANCE/LIMIT  But either way I have the money to pay all these in full. I can't close any accounts or open any accounts because i'm shooting for a mortgage pre-approval soon.

USAA Secured card $166/$250

USAA Rewards $3,324/$3,500

Capital One Secured $71/$321

Credit One $381/$700

Navy Fed nRewards $4,838/$5,000

First Premier $284/$500

Walmart $267/$1,000

[Anonymous]

Based on your statement of paying $7K in the next three months. I would pay down Navy Fed with the remainer of the 7K after paying off the rest in full. Depends what your after. But at the end of the day, my option would be to pay and manage less bills per month.

[Anonymous]

To get the maximum out of your scores you will want only one account to report a balance no more than 9% utilization and the rest to report zero.  If you let a balance report say on the Navy Federal card then only $450.00 should report pay all the others off before they report to the CRA's.

[Anonymous]

I would pay off all the smaller amounts and then focus on the bigger amounts.  Zero out all the low balances. That will boost your some points. Then work on the bigger amounts.

[Anonymous]

---

@Anonymous wrote:

---

@-NewGuy- wrote:

Paying the correct lender will have an impact, not spacing the payments

---

How would one know what card/lender would be best ot pay off? I was off by the amount i'm paying. These are the cards I carry balances on.  BALANCE/LIMIT  But either way I have the money to pay all these in full. I can't close any accounts or open any accounts because i'm shooting for a mortgage pre-approval soon.

USAA Secured card $166/$250

USAA Rewards $3,324/$3,500

Capital One Secured $71/$321

Credit One $381/$700

Navy Fed nRewards $4,838/$5,000

First Premier $284/$500

Walmart $267/$1,000

---

IMO it really doesn't matter. You are overthinking it. If they are all going to be paid off in three months, then thats going to peak your scores at THAT POINT, and what you do in the meantime makes no difference whatsoever, because UTI has no memory.