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Which to pay down

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pkenn
Regular Contributor

Which to pay down

This might be a silly question but which CC account would give me the most bump if any to pay down first?  Pay a card from 8% to $0 or one from 28% to 8%?  or is itcpretty much a wash at that point?

4 REPLIES 4
nwa479
Regular Contributor

Re: Which to pay down

I think it would depend on the balances and the impact on aggregate utilization.  

But my guess is you'd get the most impact from 28 percent to 8.    

I would calculate the impact of this move on your overall card utilization to see if it crosses any of the threshold of 9%, 29%, etc. 

 

 


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Message 2 of 5
Shooting-For-800
Senior Contributor

Re: Which to pay down

I would always pay down the highest utilization if it drops it below the standard levels.  9,29,49,69,89

Of course interest rates matter if dramatically different.

GL!

 

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $500k unsecured credit in 2024.

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Message 3 of 5
rostrow416
Established Contributor

Re: Which to pay down

Is the $$$ amount is the same, pay the one that has a higher interest rate 

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Message 4 of 5
SouthJamaica
Mega Contributor

Re: Which to pay down


@pkenn wrote:

This might be a silly question but which CC account would give me the most bump if any to pay down first?  Pay a card from 8% to $0 or one from 28% to 8%?  or is itcpretty much a wash at that point?


I would need to know

 

(a) what the balances and limits are on all your cards and

 

(b) which scores you're trying to bump.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

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