@Anonymous wrote:
@CreditCuriousity wrote:
@kal9988 wrote:If I have one credit card with $9,500 on it with a $10,000 limit, and a second card with $14,500 on it with a $15,000 limit, and I have $10k that I can use towards paying them. Does it make sense to pay $5k on each, or $10k on one? In other words, does the debt/credit ratio part of my FICO score care about each individual card or just the overall debt/credit from all my cards combined? Thanks!
IMO pay down the 10k limit down to under 30% utilization so approx so pay 7k on that and put the other towards the 15k being the remaing 3k. That would put your utilization at 76% vs. maxed out.. Obviously interest rates come into play as well, so more info might be handy... You are essentially maxed on both cards, so kinda not good... Or if you want to get another CC and do a BT then you might want to pay like 5k on each to get utilization down so you might get approved for a 0% BT card for 15 months or whatever... Curious what others advise is here.. Never been in your situation.. Good luck
I think interest will be your biggest thing on your choice though, but deffinetly would suggest a BT card in the long run..
I'd like to see interest rates to give advice on the matter.
+1
OP, you are at the level of utilization where... utilization don't matter any more. What you want to do is first of all save interest expense. You have a journey ahead to pay down the cards, regardless, that will take time, you need to plan to save as much interest as possible so your next payments (after the $10k is paid out) are most effective to pay the remainders.
THEN you can start watching the utilization numbers.
