Posted by Sharon on September 14, 2004 at 15:23:07:
I would pay off the 1500, apply the other 500 evenly (1/2 to each of the others) and they take the amount I had been paying on the 1500 and apply it to 1 of the other cards,(the highest interest one) to get it paid down. Then, when it is paid down apply the total payment from the 2 to the remaining 1. In other words, just keep making the same payment in the budget until paid off. Don’t decrease the payment you are used to. That is the only way to clear them. Sharon
which would help my credit score the most? - Posted by voldaddy
Posted by voldaddy on September 14, 2004 at 08:56:11:
Hi-I received a bonus check for $2k and am going to put it all on a credit card. I have a card with a balance of $1500, but have 2 that are maxed out. Would it help my score more to pay in full the $1500 and put remaining $500 on another card or to put the entire $2k on the maxed card?
Any and all replies will be greatly appreciated!
I’m a loan officer, deal with a lot of client with similar situation. Look at the max credit limit of each credit card, and do your best to spread the 2k so that they balance on each credit card becomes under 50% of the credit limit. If you pay off too much (balance under 50% of the credit limit) it’s not going to help improve the score any further.