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Better payment strategy?

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EaglesFan2006
Established Contributor

Better payment strategy?

I got a DC loan to pay off my credit cards. I realize I’m paying off debt with debt but I’m happy about it as it saves me money and helps alleviate a lot of stress


The loan didn’t cover all of my cards... I have about 2500 left to spend and 3 cards to go. Do you think I should pay one more off and leave the other 2 with higher balances, or split it among the 3 and get the until on each to about 30-40%?
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2 REPLIES 2
Remedios
Credit Mentor

Re: Better payment strategy?

I'd put finances ahead of the scoring, so do whatever makes most sense financially ( paying off highest apr first)

 

I would not play scoring games 

Message 2 of 3
SouthJamaica
Mega Contributor

Re: Better payment strategy?


@EaglesFan2006 wrote:
I got a DC loan to pay off my credit cards. I realize I’m paying off debt with debt but I’m happy about it as it saves me money and helps alleviate a lot of stress


The loan didn’t cover all of my cards... I have about 2500 left to spend and 3 cards to go. Do you think I should pay one more off and leave the other 2 with higher balances, or split it among the 3 and get the until on each to about 30-40%?

Try to get to 28% on each.


Total revolving limits 568220 (504020 reporting) FICO 8: EQ 689 TU 691 EX 682




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