Which should I pay off first?

[Anonymous]

I have an unsecured home improvement installment loan at $4,800 at 5.9%.
I also have one unsecured credit card, with a balance of $4,800 at 5.9%. 

My MyFICO report lists these both as being revolving credit accounts. I have $6,000 right now that I can use to pay down these debts.

Is my score affected if I pay off the home improvement loan first, the credit card first, or is it totally irrelevant which one I pay first?

[GregB]

I'm assuming you mean by "myFICO report" that you mean your EQ FICO report pulled here and not your TU FICO report pulled here.

If they are both listed as revolving then they are the same as far as affecting utilization. You didn't include the Credit Limits on either account. I would make sure that you use enough money to make sure neither is over 80% of your CL. Maybe say no more than 75% to be safe since they round up and 80% seems to be a guideline more than a hard number.

What you don't know is if they are also included in Revolving on your other two reports. Because of that, I would give some preference to the paying more on the CC.

[LIGHTNIN]

Welcome to the forums,

I have read per FICO scoring, that CC util (utilization) weighs more the installment util. I dont really know.

Wait until others chime in.But if it were me, I would split the 6k and pay each 3k, so the balance would be just 1800 each.

In my mind, it looks better then 1 with a $0 balance and the other with $3600 bal., I would be thinking 1 is close to 4k.

Wait to see what the others have to say, I'm sure someone here knows the answer.