Help...Please...and Thank You...

[Anonymous]

Hi, my name is Larry, to cut to chase scene (no, not that CHASE) lol, I have a relatively simple question. Here is the background: In Feb. of 2014 I got my first credit card, a VISA from BofA. Long story short, over the next 7 months I ended up with 7 credit cards with a combined credit limit of $ 25,000.00. Over the next 7 months I managed to run up about 11,500.00 in debt on those cards. Now then, in the last 30 days I have paid down my debt from 11,500 to 6,000.00. In other words I went from approx. 50 % debt ratio to 25% debt ratio. Here is my question: What is the best way to pay off the remaining 6,000.00 where my credit score is concerned? I ask because when I paid off about 1200.00, Experian only bumped my credit score by 6 points, while Equifax bumped my credit score by 26 points. I am hovering around 700 today. So, should I pay off the last 6,000.00 in one or two lump sums, or should I pay it off in say, 4 payments of 1500.00?

The question of why Experian and Equifax would offer such radically different views is a secondary question (I think).

Signed (Ignorant in Reno)

Larry

[Anonymous]

Welcome to MyFico.  Is the balance on one card or spread on multiple cards?.  If so, list your cards with limits and balances and then we will start from there...

[Anonymous]

Pay off $5990 of it and leave $10 on one card.

[jsucool76]

Seeing as how you asked if you should pay it off in one lump sum, i'm assuming you have the money to pay it off. 

Pay it all off. no sense in paying to carry that balance if you have the money to pay it all off right now. 

[myjourney]

Welcome to the forum

Glad to have you join us

1.2.3. or 4 payments huh?

Whichever allows to maintain your lifestyle comfortably w/o paying tons of interest 

Only you can answer that 

Do you need a BT card with 0% or a new card with a long term 0%? 

How much can you throw at the debt monthly? 

Will paying it off in 2 payment save you money?

Until it's paid the last thing you should worry about are scores but the sooner the better if your looking for a scoring boost

[myjourney]

@ YIM......CAP.....Jared

Y'all type to fast Lol

[Anonymous]

---

@myjourney wrote:

@ YIM......CAP.....Jared

Y'all type to fast Lol

---

Hah.. Just trying to understand OP you know.  If there are negatives on the report, just paying the balance owed on cards will not raise scores quickly as OP is thinking...

[myjourney]

---

@Anonymous wrote:

---

@myjourney wrote:

@ YIM......CAP.....Jared

Y'all type to fast Lol

---

Hah.. Just trying to understand OP you know.  If there are negatives on the report, just paying the balance owed on cards will not raise scores quickly as OP is thinking...

---

Hey Ms speedy keyboard 

Definitely needs more info for help Lol

[jsucool76]

---

@myjourney wrote:

---

@Anonymous wrote:

---

@myjourney wrote:

@ YIM......CAP.....Jared

Y'all type to fast Lol

---

Hah.. Just trying to understand OP you know.  If there are negatives on the report, just paying the balance owed on cards will not raise scores quickly as OP is thinking...

---

Hey Ms speedy keyboard 

Definitely needs more info for help Lol

---

Fancy seeing you here. 

My gardening has stopped. 

[myjourney]

---

@jsucool76 wrote:

---

@myjourney wrote:

---

@Anonymous wrote:

---

@myjourney wrote:

@ YIM......CAP.....Jared

Y'all type to fast Lol

---

Hah.. Just trying to understand OP you know.  If there are negatives on the report, just paying the balance owed on cards will not raise scores quickly as OP is thinking...

---

Hey Ms speedy keyboard 

Definitely needs more info for help Lol

---

Fancy seeing you here. 

My gardening has stopped. 

---

Oh I no Mr Plat Lol

Congrats