Which gives a more positive impact

[kayadcock]

I have been working to pay down my debt over the past 2 years. I have increased my credit score from 544 to 723. I have a small bonus coming and am trying to decide where to apply the money to get the biggest bang for the bucks (literally). Here are some of my options, but just didn't know if one would boost my credit score better than the others:

1. Pay toward my highest balance credit card, which is currently at 98% utilization, which will bring it down to 92% or

2. Pay off one of my other credit cards, that I have finally gotten down within payment range. The utilization will drop from 41% to 0

3. Pay on another credit card that is lower interest rate that is at 91% usage, but after I apply the extra payment will drop the utilization percentage down 56%.

 

Both interest rates are around the same. #1 has a slightly higher interest rate than the other. Or does any of this matter as long as the total debit is paid down.

 

Sound input would be appreciated.

 

Thanks

[breeze]

I don't think going from 98% to 92% makes a big different in scoring, but if you look in the main credit forum, there are some charts and things that calculate where you are and what will change your score. It would help to see more details about the accounts, like how long you've had each one, balance, limit. Round off numbers and leave out personally identifying info.

 

Here is a spreadsheet for analyzing your score and credit scoring in general. http://creditboards.com/forums/index.php?showtopic=497484