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What to pay off first

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RobertEG
Legendary Contributor

Re: What to pay off first

Great steps!

I dont want to beat a dead horse, but I still have most concerns over the Beneficial account.

By definition, an LOC is a revolving line of credit.  It sets a max limit, and you charge up to that amount at your discretion.

It is a classic revolving line of credit, not an installment loan.

Sure, some LOCS, and partricularly HELOCs, have some cutoff in FICO that moves them out of revolving scoring, but that is around $30K.

Minimal FICO gains obtained by paying off the less risky revolving accounts may, purely from a short-term FICO perspective, look appealing, but the Beneficial account is your bread and butter revolving account.  If they reduce your line of credit, that would be major.

 

I understand all of the other approaches offered, and see their merits.  They would just not be the approach I would take.

Best of luck!  I think you have all the advice you can stand by now!

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