Paying off multiple cards, or towards 1 card?

[Anonymous]

Hi all.

I will be receiving a little sum of money any day now. With this money I can pay off three cards that have a 0% offer, or put it towards another card with a larger sum owed.

For scoring purposes, is it more beneficial to pay off the three cards, or towards the card with a higher amount of utilization?

By clearing up those three cards, that gives me $165 extra a month to put towards other 0% purchases I’m paying down. To me this is the way to go, but I’m not 100% sure if it is the most beneficial score wise.

All 3 cards I’d be paying off have about 3-4 months until they’re paid off if that makes a difference.

Thanks!

[PutThatMoneyOnTheTable]

---

@Anonymous wrote:
Hi all.

I will be receiving a little sum of money any day now. With this money I can pay off three cards that have a 0% offer, or put it towards another card with a larger sum owed.

For scoring purposes, is it more beneficial to pay off the three cards, or towards the card with a higher amount of utilization?

By clearing up those three cards, that gives me $165 extra a month to put towards other 0% purchases I’m paying down. To me this is the way to go, but I’m not 100% sure if it is the most beneficial score wise.

All 3 cards I’d be paying off have about 3-4 months until they’re paid off if that makes a difference.

Thanks!

---

IMHO without full disclosure, it is alway better to pay off a card that is charging interest first. Financial sense before scores.

But please provide us with a few more info (such as balances and interest charge/ or potential interest) therefore we can assist better

[FireMedic1]

If you could list the accounts in question with Name/Credit Line/Balance/APR. This would light up everything needed to guide you in the right direction. Yes pay the interest one first. But util % will come to play also with whats leftover after you obtain this bonus.

[Shooting-For-800]

I would pay whatever it takes to get each of your balances to the same utilization rate if APR is all the same.

[Anonymous]

Zales- 190/5000 0% APR purchase
Local CU- 250/5500 0% APR
Tractor Supply- 150/4250 0% APR
Venture- 3k/5500 25?%

I got a little zealous with the Venture card for Christmas shopping and unforeseen purchases. This is my catch all card anyways, I’d have it paid down in a few months (the unforeseen purchases).

[PutThatMoneyOnTheTable]

---

@Anonymous wrote:
Zales- 190/5000 0% APR purchase
Local CU- 250/5500 0% APR
Tractor Supply- 150/4250 0% APR
Venture- 3k/5500 25?%

I got a little zealous with the Venture card for Christmas shopping and unforeseen purchases. This is my catch all card anyways, I’d have it paid down in a few months (the unforeseen purchases).

---

25% on 3k is substantial enough for you to pay the venture card in full.

what will be the APR on the current 0% cards? 

[Anonymous]

---

@PutThatMoneyOnTheTable wrote:

---

@Anonymous wrote:
Zales- 190/5000 0% APR purchase
Local CU- 250/5500 0% APR
Tractor Supply- 150/4250 0% APR
Venture- 3k/5500 25?%

I got a little zealous with the Venture card for Christmas shopping and unforeseen purchases. This is my catch all card anyways, I’d have it paid down in a few months (the unforeseen purchases).

---

25% on 3k is substantial enough for you to pay the venture card in full.

what will be the APR on the current 0% cards? 

---

The APR on the 0% cards will be 26-28%

[PutThatMoneyOnTheTable]

---

@Anonymous wrote:

---

@PutThatMoneyOnTheTable wrote:

---

@Anonymous wrote:
Zales- 190/5000 0% APR purchase
Local CU- 250/5500 0% APR
Tractor Supply- 150/4250 0% APR
Venture- 3k/5500 25?%

I got a little zealous with the Venture card for Christmas shopping and unforeseen purchases. This is my catch all card anyways, I’d have it paid down in a few months (the unforeseen purchases).

---

25% on 3k is substantial enough for you to pay the venture card in full.

what will be the APR on the current 0% cards? 

---

The APR on the 0% cards will be 26-28%

---

ok, so although the APR will be essentially be the same accross the board IMO, pay down the 3k (reducing the interest being paid and reducing utilization).

Try to pay the balances in full over the next 3-4 months with a focus of paying off the 3k. Try to keep utilization at or below 8.9% across all cards.

[Anonymous]

---

@PutThatMoneyOnTheTable wrote:

---

@Anonymous wrote:

---

@PutThatMoneyOnTheTable wrote:

---

@Anonymous wrote:
Zales- 190/5000 0% APR purchase
Local CU- 250/5500 0% APR
Tractor Supply- 150/4250 0% APR
Venture- 3k/5500 25?%

I got a little zealous with the Venture card for Christmas shopping and unforeseen purchases. This is my catch all card anyways, I’d have it paid down in a few months (the unforeseen purchases).

---

25% on 3k is substantial enough for you to pay the venture card in full.

what will be the APR on the current 0% cards? 

---

The APR on the 0% cards will be 26-28%

---

ok, so although the APR will be essentially be the same accross the board IMO, pay down the 3k (reducing the interest being paid and reducing utilization).

Try to pay the balances in full over the next 3-4 months with a focus of paying off the 3k. Try to keep utilization at or below 8.9% across all cards.

---

Utilization is 22% across the board, but have 6 0% offers going at the moment

[Shooting-For-800]

I would just pay them off starting with the smallest balance and working your way up.

No reason to keep those small balances.