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Best Strategy

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Member

Best Strategy

I am working to pay off revolving open ended accounts.  I have a significant amount to  make payment.  Is my best strategy to pay off the largest card (mercury)entirely or  to to bring the 2 largest cards ( mercury and cap one  both to 30% utilization).  I ended up with Mercury through the Barclay debacle.  Thanks in advance.  I am obviously looking for the most impactful decision.

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Frequent Contributor

Re: Best Strategy

It depends on your goals. For example, If your goal is to maximize your credit score, one plan of action may be best. On the other hand, if your goal is the the best financial outcome, another course of action may be best. In my opinion finances ($$) trump credit score.

 

Also, you'll need to list your current cards, their current balances, their credit limits, their APR, and your goal for people to provide the best guidance. 


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Member

Re: Best Strategy

668  FICO score 8 summary, I wasnt to be greedy and say FICO increase but long term is as important

I public record, Ch7 discharged filed 8/24/11

75% revolving balance at credit limit

13% precentage of principal paid down

short credit history oldest account 19 years 5 months, avg age 6 years, 4 months

positivesno evidence serious delq, 10 in good standing, 

Mercury 6,000/6500 25.24%

Capital One 3,485/3650 25.15%

Credit One 1,000/1200 

Wayfair 1,500/2100 29.24%

Saks ??? weird I am looking at a brand new Transunion report and its not on here $2000/3500

all other cards zero balace and charges paid monthly as accrued (TJ maxx, Bannan Republic, JCrew, Lowes)

Auto Loan Cap One $25,000- I pay and additional $30 weekly toward prin on the note

 

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Super Contributor

Re: Best Strategy


@SoSoBorenNu wrote:

I am working to pay off revolving open ended accounts.  I have a significant amount to  make payment.  Is my best strategy to pay off the largest card (mercury)entirely or  to to bring the 2 largest cards ( mercury and cap one  both to 30% utilization).  I ended up with Mercury through the Barclay debacle.  Thanks in advance.  I am obviously looking for the most impactful decision.


It's best to get every revolving account down to 28 or 29%.  Once you've done that then you can start zeroing things out.


7/1/19: FICO8 EQ 749 TU 783 EX 746 Total revolving limits 713500 (592500 reporting)
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