Payoff or lower balance ???
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Posted by Len (68.70.96.76) on February 04, 2003 at 17:06:53:
Hi all. I too am cleaning up my credit report slowly throught the help and advice on this forum. Here's my question for comment. I have a card with a 2700 limit on which I carry a current balance of 2330. I have the second card with a 1000 limit and a current balance of 545. The interest rate on both is the same. I only have one other card (a gas card) that has a limit of 550 and a balance of 0. I have enough cash to pay off the 545 balance but in the interest of raising a credit score quickly, is there any significant gain in paying off this one vs paying down the higher balance ? One of the factors on my credit reports is the high ratio balance to debt on revolving accounts. One Last item. I have been turned down through all these years at the Sears Counter for their card. I haven't applied in a long time for one but always thought maybe one of these days. What is the score that usually will get that long wanted treasure ? (I know it's a bad card I just had to have some goal ). Len
1 JAN 2002 Experian>524 Didn't get the others.
1 JAN 2003 Equifax>676 Experian>579 Transunion>576
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