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Showing results for tags 'debt snowball'.
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Just looking for some input. I understand the debt snowball methods of paying down debt (by lowest balance first, highest interest rate first, highest utilization first, etc.) I have cards with balances below. I plan to pay off Best Buy / Citi first. Aside from that, I plan to pay everything off to around 1-10% util over the next 4-6 months. From a score perspective, and the perspective of how the account looks to the lender, am I better splitting $1200-$1500 per month evenly across tradelines, or using a snowball approach to pay some off immediately, and pay down others over time? Does it look better to the lender to pay a $600 balance over 3 months of $200 per payment or all at once? TL Balance Utilization Best Buy (Citi) $ 385.00 96% BOA $ 360.00 72% Loft $ 100.00 40% Target $ 385.00 77% Walmart $ 80.00 27% CapOne $ 745.00 99% Amazon $ 600.00 75% CapOne $ 2,000.00 86% Macys $ 125.00 38% CapOne (HH) $ 200.00 50% Capital Bank $ 100.00 50% Paypal $ 200.00 67%