Best Solution

[720lady]

I just got a credit limit increase on a high interest rate cc ( CC-A).

 

I have an account that was closed that has a higher interest rate (CC-V) than the cc (CC-A) interest listed above by 9%. I am currently making monthly payments until it is paid off.

I could pay the account off but have no great advantage, except to save the high interest charges. * Don't know how it would affect my credit score.

 

Which action would be best for my credit score?

a. Pay off the closed cc (CC-V) with the new lower interest cc (CC-V)? Be about 95% utilized on the lower interest cc (CC-A)

b. Continue to pay the closed cc (CC-V) monthly with double the payment amounts.

 

Which would increase my score the most?

 

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Edited April 17, 2014 by 720lady

[shifter]

Forget about your score and pay them off as fast as possible to save you the most money.

 

You have to factor on the BT fee into the equation to determine which is cheaper.