Budget dilemma (the good kind)....

[roadie]

Which will raise one's credit scoring better, assuming there are no known negatives ...

 

Suppose you have 10 cards, each approximately maxed at 1,000. (realize being "maxed out" already impacts a credit score anyway)

 

Suppose further, you have one car (2006 model) its upside down in terms of payments remaining, but the balance is also $10,000, and monthly payments were fixed at $400 anyway.

 

would you improve your score by paying off 10 cards, or go for paying off one loan, (the car) and using the $400 monthly payments towards other credit cards, following the "rolling over" strategy for paying credit cards off faster?

 

Would love to hear opinions and insights before I make a final decision. Thanks so much!

 

Roadie Roadrunner

[BDK]

paying off the 10 cards

 

By FAR the better of the two ways mentioned to increase score.

[roadie]

paying off the 10 cards

 

By FAR the better of the two ways mentioned to increase score.

 

 

Thank you, BDK! Appreciate your opinion

 

Roadie