How to pay credit cards down the right way?

[HeavenOhio]

Under 30% — which actually means 28.9% or below — is considered responsible borrowing. If that's your initial goal, aim for something a little bit lower, maybe 26%, as your next bill will have interest tacked on.

There are several card-related factors that go into FICO. The most important is overall utilization. Under 8.9% is best. Under 28.9% is responsible. Scoring thresholds are at 8.9%, 28.9%, 48.9%, 68.9%, and 88.9%. 8.9% and 88.9% will almost certainly apply to everyone. The ones in the middle may or may not, depending on your profile.

There's also individual card utilization, which is the highest utilization on any one card. The last thing is the number and/or percentage of cards with positive balances.

[Anonymous]

Only reason I asked is bc of the simulator that showed me if I paid 5k on the balance my score will go up I just wasn’t sure what was the best way to pay it off. Thank you all!

Showed me 50 points increase of the fico scores. Takes me up to 698eq 714ts and 717ex I’m hoping will happen!!

[Anonymous]

ABC I PM'D you

[SouthJamaica]

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wrote:

Hey thank you for the input.

 whats the acceptable level ? under 30%?

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Yes

[Anonymous]

So the payment list you gave me will take me down under 30?

[Anonymous]

Simulators are often junk, so don't pay them much mind.  The advice you get from the forum members here will crush anything a simulator will ever tell you. 

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wrote:
Only reason I asked is bc of the simulator that showed me if I paid 5k on the balance my score will go up I just wasn’t sure what was the best way to pay it off. Thank you all!

Showed me 50 points increase of the fico scores. Takes me up to 698eq 714ts and 717ex I’m hoping will happen!!

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[Anonymous]

You mean crush It in a good way ?

[SouthJamaica]

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wrote:

So the payment list you gave me will take me down under 30?

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Yes on 4 accounts

[Anonymous]

Ok awesome thank you.

[SouthJamaica]

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wrote:
Ok awesome thank you.

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Most welcome