topic Re: pay down higher balance or smaller to report zeros? in Credit Cards

pay down higher balance or smaller to report zeros?

new_earth — Fri, 21 Jun 2013 23:16:07 GMT

Hi, question on best method to pay off my balances.

Is it best to pay off the smaller balances first, or to pay down a bigger balance that has a bigger limit? This is talking BEFORE the actual due date. Just because I want to make payments and bring balances down in general.

For example, a few CL's of $250 each with small balances of $30 to $60

Or a larger balance of around $320 on a $500 CL?

Not worried about interest, just asking in general, for reporting purposes and to make sure I do the right thing. Thanks!

Re: pay down higher balance or smaller to report zeros?

Anonymous — Fri, 21 Jun 2013 23:28:02 GMT

Ideally only one of your card should report balance. Try to keep the util below 30%.

Re: pay down higher balance or smaller to report zeros?

myjourney — Sat, 22 Jun 2013 00:15:34 GMT

@new_earth wrote:
Hi, question on best method to pay off my balances.

Is it best to pay off the smaller balances first, or to pay down a bigger balance that has a bigger limit? This is talking BEFORE the actual due date. Just because I want to make payments and bring balances down in general.

For example, a few CL's of $250 each with small balances of $30 to $60

Or a larger balance of around $320 on a $500 CL?

Not worried about interest, just asking in general, for reporting purposes and to make sure I do the right thing. Thanks!

Pay down the higher UTL card first for scoring purposes as it looks close to max'ed out and has a negative impact

Re: pay down higher balance or smaller to report zeros?

djc1puno — Sat, 22 Jun 2013 01:53:57 GMT

+1 higher balances w close to limits first

Re: pay down higher balance or smaller to report zeros?

new_earth — Sat, 22 Jun 2013 02:00:05 GMT

ok, thank you!

Re: pay down higher balance or smaller to report zeros?

new_earth — Sat, 22 Jun 2013 15:15:59 GMT

I figured out a way to get the store cards down to zero and I believe my entire balance on Credit One also down to zero before all statements cut. So the only thing left with a balance will be DCU, which will be less than 50% in itself but across all my CC's util will still be very low. I am basically in the garden anyway other than an app for Walmart next month so I don't think I'm gonna need super max score. I just don't want to mess up what I have.

I was sitting here thinking about it all and couldn't stand the thought of keeping up with that many cards with balances. I am stil new at this and don't want to get in over my head. I was starting to get anxiety. Wow, I feel so much better now! Everything paid in full except 2 CC's, one which will be paid before statement cuts.