Credit cards

mranegar — Thu, 29 Aug 2019 21:58:48 GMT

Is it better to try and pay off 1 credit card, and pay the minimum on the others? Then continue to do it with the others. My interest rate is the same for all. Also, will my credit score go up when I pay and close the credit card account?

Re: Credit cards

Anonymous — Fri, 30 Aug 2019 02:46:27 GMT

maybe not part of your credit score is determine by debt outstanding on CC's vs total credit line on all credit cards

say on one credit card with a credit limit of 5000 you had 1000 outstanding

on another with a credit limit of 4000 you had 2000 outstanding

on a third with a credit limit of 1000 you had 100 outstanding

total outstanding 3100 credit limit 10000 utilization 31%

say you pay off the 100 CC and close it

total outstanding 3000 credit limit 9000 utilization 33.33% a higher utilization which could result in a lower credit score. How big of a hit I can't tell you.

but ask yourself this question does a lower credit score really matter - i can name a few where it could - buying or leasing a car, buying a home (the mortgage rate), maybe renting a new place to live.

see this

https://www.experian.com/blogs/ask-experian/how-is-a-fico-score-calculated/

other rating agencies use different formulas and i never seen 1 published so I could do my own computations.

also realize that rating agencies don't always have the same info.

thus your credit score will vary from 1 agency to another.

even a person with no debt does not get the highest score. as a matter of fact the highest score may not be obtainable by anyone. with no debt there is no payment history a major factor in the computation.

best is o lower debt to the point you have a card or cards with no fees that you pay off in full each month.

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Credit cards

Re: Credit cards

Re: Credit cards