Advantageous payoff

[Tiersha]

I have 5 cards.  I have the option to pay them all off.

I am in the mindset of all zero except 1.  Is that still accurate or does this only pertain to a month to month  habit?

Won't the sudden payoff of all but one create a drop?

My thought was to pay down the 2 high balances to 28% and zero out the rest.  I think I may have this backwards.

In the end, what is the most advantageous way to pay to get the best results?

Tia

[SouthJamaica]

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@Tiersha wrote:

I have 5 cards.  I have the option to pay them all off.

I am in the mindset of all zero except 1.  Is that still accurate or does this only pertain to a month to month  habit?

Won't the sudden payoff of all but one create a drop?

My thought was to pay down the 2 high balances to 28% and zero out the rest.  I think I may have this backwards.

In the end, what is the most advantageous way to pay to get the best results?

Tia

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Congratulations on being able to pay them all off.

Yes you should pay them all off. Just make sure one card reports a small balance ($10 or $20 is enough) before that's paid off.

[Tiersha]

Thanks and that's what I will do!

[FriendshipSoft]

Let it rip ! Azeo and your score will jump

[MeredithLepore]

Paying off your credit cards is always a smart move! If you've been struggling to get to this point, congratulations! Moving forward, it's a good idea to keep 4/5 at $0 and only use one card, which you pay off in full every month. This will make managing your debt simple. In terms of your credit score, this will keep your credit utiliziation rate low and help boost your payment history, both of which will contribute to a better score in time. The only way you could hurt your score is if you close some of your oldest accounts; to avoid this, keep the oldest credit accounts open, even if you aren't using them.

[markbeiser]

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@MeredithLepore wrote:

and only use one card

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That's crazy talk!🤪

Ok, good advice for people who need to learn how to manage their credit card usage, but to those on Team Travel Rewards, and those of us on Team Cashback, that's CRAZY TALK!😉

On the other hand, maybe those of us that micro manage matching spending categories with the optimal card across like 8 cards, while also maintaining AZEO, are the crazy ones...🤔

[Tiersha]

I am azeo with exception of 1 which is significantly below 30%. $8700+ paid.  Hard to see the  funds go out and my score isn't bad per se but will be nice to see a good jump.  Ha if the simulator here is of any real indication of a months change then I will be sitting very pretty in 30 days.

UTI for each card was 40-84%, across all cards.

[Webspry]

Pay off with what? Free money, salary increase, personal loan? Hopefully it's a nice salary increase or bonus, or you found a bag of money. Pay them all off if you can. If not all obviously highest to lowest interest first. 

[Creditwiser]

You're in a good place no matter the source. Congrats !

[Tiersha]

Thanks.  It looks amazing to see those zeros!