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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
@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.
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.