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Ambi | Question about paying off a credit card...? |
I am planning to use some of my tax refund to pay off a credit card. One has a $460 balance through Care Credit, with a $500 limit, so I planned to just pay that off but keep the card open of course.
I have another card that has a $300 balance and a $600 limit. Do you think I should pay some towards both cards or just pay off the Care Credit one in full?
I would like to go with the option that looks better on my credit report! Thanks!
Additional Details
At this time I am only able to pay about $500 towards the cards, but hopefully in the near future I can pay more. |
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Bob C
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From a credit standpoint, it is better to have two cards with some balance than it is to have one with a high balance and the other with no balance.
Depending upon how much money you get back, pay the one with the $500 limit to below 50% or $250. Then, apply the balance of the refund equally between both cards.
The only exception to this would be if one card has a really high interest rate and the other one has a low rate. If this is true, pay the one with the $500 limit to below 50% or $250 and then apply the balance of your refund toward the one with the higher interest rate first.
Finally, when you get your credit report, it will give you up to four reasons why your credit isn't perfect. These reasons are ranked in the order that they affect your credit score. If your credit score is over 740, you're doing great and it doesn't matter what the reasons are. NEVER close a credit account unless your report specifically states as the number one reason that you have too many open accounts. You could actually hurt your credit because you will be losing the credit history from the card you close.
By the way, although the government would like to see you spend your refund to help out the economy, I admire you on your limited use of credit! |
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CrackBerry Addict
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Keeping the balance on each card to under 20% will do the most for increasing your credit score. So my suggestion would be to get both cards under a 20% balance ($100 for the $500 card and $120 for the $600 card). |
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John T
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If it is possible, I would suggest paying them both off and not run them up as high...... if not able to pay them both off, pay off as much as you can on both...... |
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Jeff
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First, pay the minimums on everything.
Then, pick one card, and throw every dollar you can squeeze out of your budget at that problem.
With only $760 in debt, you should be able to knock both of them out fairly quickly. |
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bdancer222
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Pay off the one with the highest interest rate and put the rest of your refund on the other. Save the most interest.
Paying down your credit card balances (overall) to below 30% of your available limit will help your score the most. It isn't the amount of your payment, its the balances you carry that impact you score the most. |
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big_cat7575
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Pay off what ever has the highest interest rate first. Also ask for a credit line increase. The credit bureau looks at overall revolving credit. So if you increase your limit it shows you owe a smaller percent. |
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114 Proof
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Pay off the Care Credit card in full. By keeping the account open and paying the balance down to zero will raise your credit score and will look favourable to future lenders. |
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Jeri D
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I would pay off the one that charges the highest interest rate first. Then I would not use it and then pay a little more monthly to whittle the other away. Once you are able to find/qualify for a CC with a lower interest rate and higher credit limit, close the others out.
Even though you have credit cards that do not carry a balance, they count against your credit rating. |
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cheyenne
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For credit report purposes, making payments on time every month brings your rating up. Pay most on both cards and then pay the rest with a small payment every month. Like leave $50 on each and pay like $15 a month until they are paid. |
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QQQQQQ
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If any of your card is older than 6 months then pay it off else keep atleast $100 balance. This will help you to high credit score. |
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