Since March I've paid off a bit under $30K in credit card debt. Hardest part was making the decision to get rid of it. I started with a score of 720 and had balances of: Visa - $11575 ($14K), Discover - $10150 ($15K), AmEx - $8013 (pay off in full every month - almost all work related travel)
AmEx - Balance total does not matter much. Plus or minus 8 points (7 is the most common) no matter the balance. Gone down and up 7 points with comparable balances.
Discover - Paying off in full raised my score 30 points.
Visa - Paying off $5K raised my score 32 points.
Make the decision. Come up with a workable plan. Execute the plan.
I paid off my Visa last week so we will see what my score actually goes to. I'm at a 790 right now.
|Total CL: $304.1k||UTL: 3%||AAoA: 6.8yrs||Baddies: 0||Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping|
Committing to paying it off is definitely the hardest part. Congratulations on the milestone!! That's some awesome work.