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2 maxed out credit cards

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Anonymous
Not applicable

2 maxed out credit cards

I have to maxed out cards. Does it make more since to pay one off, and make payments on the other. Or pay 1/2 on each card, and continue to make payments on both cards. I need my CS to increase for a car purchase.

Message 1 of 17
16 REPLIES 16
NRB525
Super Contributor

Re: 2 maxed out credit cards

Welcome.
What are the credit limits and open balances on each card?
APR you are paying on each card?
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 2 of 17
Anonymous
Not applicable

Re: 2 maxed out credit cards

Chevron $2500 CL

Walmart $1800 CL

APR 26%

Message 3 of 17
Anonymous
Not applicable

Re: 2 maxed out credit cards

They're both 26%?
Message 4 of 17
Anonymous
Not applicable

Re: 2 maxed out credit cards

Just checked

Walmart 24.90 %

Chevron 28.99

Message 5 of 17
Remedios
Credit Mentor

Re: 2 maxed out credit cards

OP, if you have money to pay them down, why wait till now 

I cannot even imagine the amounts you're paying in interest 

 

 

Try to bring both of those cards to at least 28.9% utilization 

Message 6 of 17
CreditInspired
Community Leader
Super Contributor

Re: 2 maxed out credit cards

OP I know you didn’t ask but IMHO, I think you should try your best to pay off both of these maxed out cards before getting into more debt.

I also hope you’re paying substantially more than minimum payments because if not, the majority of your payment is going toward interest and a pittance toward principal.

GL2U

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 7 of 17
UpperNwGuy
Valued Contributor

Re: 2 maxed out credit cards

I would delay the car purchase until after you bring down the balances on both of these cards.

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Sapphire Preferred • Chase Freedom Unlimited • United Explorer • UNFCU Azure
Message 8 of 17
Anonymous
Not applicable

Re: 2 maxed out credit cards

Cards just went up during the holidays. But score wise, I wanted to know if i should pay off one in full or 1/2 on both. Which option would give me the best increase in score.

Message 9 of 17
Anonymous
Not applicable

Re: 2 maxed out credit cards

Thanks!

Message 10 of 17
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