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Payoff all of one card or some of two cards?

Regular Contributor

Re: Payoff all of one card or some of two cards?

I would pay it down to 80% of what's owed and then see if the 3 you have will Increase your Limits once your scores update looking at your Usuage I see no reason why they wouldn't and hopefully they will do a soft pulls.If amex,Discover,Cap 1 All s soft pulls even some Citibank cards.Chase will be a hard pull.If you have cards not willing to Increase your Limits then I would try for better cards for higher Limits so when you use it doesn't affect your scores as much.Your scores and history you should no problems then you can Apply for your Loan by end of November Early December.With Holidays coming I see most CC lenders saying Yes'm so you can use more.Good luck and watch those scores rebound Quickly !

New Member

Re: Payoff all of one card or some of two cards?

Just a quick update for everyone who helped. 

 

I paid off about 12,000 of the CC debt. My daily use card was always reporting a few hundred dollar balance because I paid it early enough that there were always some new purchases on it by the time it reported. This time aroud I made sure it reported $0.

 

I then paid off the full $7,800 on one card which brought it down to $0.

 

Finally, I paid the last card down to a $7,000 balance.

 

So my report went from something like CC1: $300 of 5,500, CC2: $7800 of 8,000, CC3: $11,000 of 15,200 and a score of 695 and 698, to CC1: $0, CC2:$0, CC3 $7,000 of $15,200. My scored jumped to 796 and 798.

 

Thanks for all the suggestions. I went with CreditGuyInDixie's advice, and it worked perfectly.

 

Thanks again!

Community Leader
Senior Contributor

Re: Payoff all of one card or some of two cards?

I am delighted (as I am sure everyone else is as well) to hear that we were able to help, and let things worked out so well.

 

Best of luck, pal!

Super Contributor

Re: Payoff all of one card or some of two cards?


bamafan1 wrote:

Just a quick update for everyone who helped. 

 

I paid off about 12,000 of the CC debt. My daily use card was always reporting a few hundred dollar balance because I paid it early enough that there were always some new purchases on it by the time it reported. This time aroud I made sure it reported $0.

 

I then paid off the full $7,800 on one card which brought it down to $0.

 

Finally, I paid the last card down to a $7,000 balance.

 

So my report went from something like CC1: $300 of 5,500, CC2: $7800 of 8,000, CC3: $11,000 of 15,200 and a score of 695 and 698, to CC1: $0, CC2:$0, CC3 $7,000 of $15,200. My scored jumped to 796 and 798.

 

Thanks for all the suggestions. I went with CreditGuyInDixie's advice, and it worked perfectly.

 

Thanks again!


Awesome Smiley Happy

FICO8 EQ 721 TU 747 EX 732 Total revolving credit 454000
Valued Contributor

Re: Payoff all of one card or some of two cards?


bamafan1 wrote:

Just a quick update for everyone who helped. 

 

I paid off about 12,000 of the CC debt. My daily use card was always reporting a few hundred dollar balance because I paid it early enough that there were always some new purchases on it by the time it reported. This time aroud I made sure it reported $0.

 

I then paid off the full $7,800 on one card which brought it down to $0.

 

Finally, I paid the last card down to a $7,000 balance.

 

So my report went from something like CC1: $300 of 5,500, CC2: $7800 of 8,000, CC3: $11,000 of 15,200 and a score of 695 and 698, to CC1: $0, CC2:$0, CC3 $7,000 of $15,200. My scored jumped to 796 and 798.

 

Thanks for all the suggestions. I went with CreditGuyInDixie's advice, and it worked perfectly.

 

Thanks again!


Awesome, that is quite a jump. Your approach was spot on.

 

If I may summarize as I find it helpful...

 - looks like you dropped your aggregate utilization from 67% to 25% which crossed key thresholds at 50% and 30% (major impact).

 - looks like you had a card in max out condition at 97.5% that was paid down to zero (major impact)

 - another card at 73% that was paid down to 46% crossing below the 50% UT threshold (moderate to small)

 - Went from 3 of 3 cards with balances to 1 of 3 cards with balances (moderately small impact)

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Established Member

Re: Payoff all of one card or some of two cards?

Wow..that's awesome!! Glad to hear your good news!!