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I have about 7500.00 in debt on both my credit cards and a SoFi loan each. I have a total of 15,000.00 in debt. The SoFi loan is at 8.99% and the Credit Cards range from 9.99%-21.00%. Which one should I pay off in order to help my credit the best? My credit is 730 and I want to pay the one off that will gve me the biggest bump to my score. TIA
First question: where did you get your credit score from? Website?
The order of operations to pay off debt strictly for FICO purposes (ignoring interest) is as follows:
Post your credit limits on each card and your current balances on each. Post your installment loan balances and the original loan amounts on each and I can calculate it for you.
Experian 730
Barclay Card-4500.00 bal. 8,000 Limit
Lowes Cars-2000.0 bal. 7000 Limit
Discover-1000 bal. 2100 Limit
Sofi 7400 bal. Orginal Loan 15000 48 month Pays off April 2019
I'm looking for the biggest bang to my score. TIA
Based on the path process I posted above, you want to pay these down in this order:
You'll gain some FICO points for each one you do, more FICO towards the bottom payoffs.
The credit card utilization is hurting you much more than the installment loan. Doing #4 and just paying your usual loan payment will have the biggest effect on FICO scoring.