Closed Credit Cards with Balance Questions

[ddamage]

Hey fam its me again with another question as I try to clean up my credit profile.  

So I have 3 cc accounts with Green Path that are closed with balances that I finish in Sept 2022. How does closed cc with balances affect my score? For example I owe ashley furniture 1100 dollars with a 5100 limit but it s been closed for past 3 years. Would it benefit me to pay off the credit cards with balances that are closed?

Thank you. 

[Anonymous]

@ddamage -hello! To answer your question, I affects your utilization. Until those balances down, your utilization will continue to be high thereby driving your score down.

[ddamage]

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@Anonymous wrote:

@ddamage -hello! To answer your question, I affects your utilization. Until those balances down, your utilization will continue to be high thereby driving your score down.

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Ok cool. Thank you SS.

[FireMedic1]

Did you close them? Every card you have add up the total credit line. Then add up the balances. Theres your util %. As you pay down and pass these thresholds. You'll get a score bump. 88.9%, 68.9%, 48.9%, 28.9%, 8.9%. 

[ddamage]

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@FireMedic1 wrote:

Did you close them? Every card you have add up the total credit line. Then add up the balances. Theres your util %. As you pay down and pass these thresholds. You'll get a score bump. 88.9%, 68.9%, 48.9%, 28.9%, 8.9%. 

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Yes that was part of the agreement when I got with Greenpath. Ashley and Capital one were the only two of the 4 that had a baddie with 120 day late 2/2017. Military Star credit card was voluntary which was a big mistake because I never missed a payment and its limit was 5100 as well. I owe 2800 on the military star card but again closed. The other was paypal credit. I had hit difficult times being a 100% disabled veteran and made the decision to go with green path and sought help. The interest rates are 10% on those 4 remaining cards. I have like 7k remaining and should be paid off in 2022 with greenpath. I just got that 17k penfed credit card which is my highest ever. Was wondering if i should pay those cards down to zero but penfed cc is 16.99% apr and not sure what the fees are to do a balance transfer. The card hasn't arrived yet.