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How to divide the money?

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hikenc
Valued Member

How to divide the money?

In the next couple weeks we will have $15,000 to pay down debt.  I wanted to see if I could get everyone's opinion on how best to distribute the cash between the following revolving/installment accounts for the highest positive impact on our scores.  I really appreciate any advise on the best scenario for maximum impact.  Thanks!

 

Me:

Chase Amazon:   1978/2000

NFCU Visa:            4700/5000

NFCU LOC:             4800/5000

Sams CC:                970/1000

Paypal CC:              697/700

Home Depot:        2800/3000

Quicksilver:            2966/3150

Avant (Installment)  2900/4500 orig loan - $191 payment

 

Wife:

Quicksilver:      5100/5300

 

 

 


Current Scores: FICO EQ: 608 | FICO TU: 668 | FICO EX: 653
Goal Score: ALL 700+
Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: How to divide the money?


@hikencwrote:

In the next couple weeks we will have $15,000 to pay down debt.  I wanted to see if I could get everyone's opinion on how best to distribute the cash between the following revolving/installment accounts for the highest positive impact on our scores.  I really appreciate any advise on the best scenario for maximum impact.  Thanks!

 

Me:

Chase Amazon:   1978/2000

NFCU Visa:            4700/5000

NFCU LOC:             4800/5000

Sams CC:                970/1000

Paypal CC:              697/700

Home Depot:        2800/3000

Quicksilver:            2966/3150

Avant (Installment)  2900/4500 orig loan - $191 payment

 

Wife:

Quicksilver:      5100/5300

 

 

 


Pay off your Chase Amazon, Sam's Club, PayPal and Home Depot . .total $6,645. You will get a lot of points by having four cards report with $0 balances.

 

Pay $1500 on your Quicksilver . . gets you under 49% utilization.

 

Pay $2300 on your NFCU Visa and $2400 on your NFCU LOC and get both of these under 49%.

 

Pay $2155 on your wife's QS. This will get it out of maxed out range and to 56% utilization. If you can scrape together another $400 or so to throw on this and get it under 49% as well, that would help even more.

 

 

 

 

Message 2 of 4
beutiful5678
Frequent Contributor

Re: How to divide the money?

First thing I would do is research the avalanche and snowball debt payoff methods. Both are valid approaches and you should choose the one that you find the most motivational.

 

Also, I would consider paying off the entire balance of your wife's Quicksilver card (or at least down to 29%). This decline in utilization should increase her score enough that she might qualify for a 0% balance transfer card and then you can transfer one of your higher interest rate balances to the 0% card. Right now at her current utilization rate it is doubtful that she'll qualify for a 0% balance transfer card.



EX 8: Aug 2021 - 692 | EQ 8: Aug 2021 - 714 | TU 8: Aug 2021 - 673
Message 3 of 4
Anonymous
Not applicable

Re: How to divide the money?

Would you mind posting interest rates on your cards and avant loan. I get what prior peoplenhave said about utilization. But avant interest rate is prob 30% that’s a killer, without even knowing your rates I would pay that off, plus it eliminates $191 payment you can apply elsewhere
Message 4 of 4
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