Credit (by sam [TX]) Oct 2, 2022 7:22 PM|
Credit (by Richard [MI]) Oct 3, 2022 6:01 AM
Credit (by Robert,OntarioCanada [ON]) Oct 3, 2022 9:16 AM
Credit (by DJ [VA]) Oct 3, 2022 9:52 AM
Credit (by John... [MI]) Oct 3, 2022 10:45 AM
Credit (by Jim in O C [CA]) Oct 3, 2022 11:07 AM
Credit (by Hoosier [IN]) Oct 3, 2022 2:12 PM
Credit (by zero [IN]) Oct 5, 2022 10:19 AM
Credit (by plenty [MO]) Oct 5, 2022 10:27 AM
Credit (by pmh [TX]) Oct 16, 2022 1:04 PM
Credit (by sam [TX]) Posted on: Oct 2, 2022 7:22 PM
I have a 1 credit card with a 10, 000 balance and 11,500 limit I have another credit card 13,000 balance and 19,500 limit I am in a postion to either one off, which should I pay off to maximize my credit. I also have another card with a zero balance and can transfer the balance to that card for a balance tranfer at 0 percent for one yr and keep the cash that I would have used to pay off one of the cards for me next property. Any advise or suggestions would be appreciated, thanks. --75.87.xxx.xxx
Credit (by Richard [MI]) Posted on: Oct 3, 2022 6:01 AM
As I understand it, your credit score improves when card utilization is below a certain amount, like under 20 percent or maybe 10 percent. I think I'd pay down the highest interest card as much as possible then move the rest to the zero percent card, getting all cards under the 20 percent number or better yet, under the 10 percent total. Then, if you an easily swing the payments, use the savings from not paying interest to quickly pay down the rest. Credit card companies have been increasing their interest rates a lot lately so if they can be paid off, all the better. --24.180.xx.xx
Credit (by Robert,OntarioCanada [ON]) Posted on: Oct 3, 2022 9:16 AM
If can not pay off then open a line of credit with bank then make payments until paid off. The advantage here is a line of credit is low interrest where a credit card is high interest where keeping more money instead paying high interest. --68.69.xxx.xxx
Credit (by DJ [VA]) Posted on: Oct 3, 2022 9:52 AM
If you want to be more qualified for a new loan, in addition to improving your Rico score, you must also consider the minimum monthly payment for the debt-to-income ratio.
In general, pay off the debt with the highest interest rate first - and Richard's advice is sound.
Do NOT CLOSE an account, if you pay it off. You want to be able to show an ability to not use all available credit. A long-term credit card helps your score, where a new one does not. --68.229.xxx.xxx
Credit (by John... [MI]) Posted on: Oct 3, 2022 10:45 AM
If your goal is to improve your credit score, then it likely doesn't matter which one you pay down -- since your score is based on total credit available versus total usage.
If your goal is to make a better financial decision, then you should pay down the one with the higher interest rate.
If your goal is to follow Dave Ramsey, then you should pay down the smaller amount even though that might not be the best financially.
What is your goal here? --67.209.xxx.xx
Credit (by Jim in O C [CA]) Posted on: Oct 3, 2022 11:07 AM
I would pay down the highest interest card. --99.23.xxx.x
Credit (by Hoosier [IN]) Posted on: Oct 3, 2022 2:12 PM
You're not going to like my advice...
Stop playing the interest rate shuffle game Get control of your spending and pay those cards off! Your credit will improve once you get the balances paid down.
I recommend two credit cards. One for "normal" use, and one that you use just 1-2x/year as a backup in case your primary card is compromised. --99.92.xxx.xxx
Credit (by zero [IN]) Posted on: Oct 5, 2022 10:19 AM
Great advice Hoosier!
I have one card for business, one for personal and one that I have had for years with my local credit union that I try and use one a year or so. It is in case something happens to the main personal card.
I have had personal and business cards get compromised so I like to have a little back up. --107.147.xx.xxx
Credit (by plenty [MO]) Posted on: Oct 5, 2022 10:27 AM
Is this your goal:. which should I pay off to maximize my credit.
Is your goal to:. keep the cash...buy next property.
Pick one. That's what I read. Your age is a consideration. Your networth is a consideration. Do you want more properties? Will another property up your cash flow? --172.56.xx.xxx
Credit (by pmh [TX]) Posted on: Oct 16, 2022 1:04 PM
make payments on BOTH to get utilization down on each to max 35%. if strapped yes, use the third card to spread the load (& minumum payments) if you are so short of credit & funds then you are not yet in a position to buy another rental. lenders will not lend to you because you are over-extended. --71.84.xxx.x