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What is the best strategy for paying down my credit card balances?
First, get any credit cards that are past due current. Then pay down the cards
that have the highest balance in comparison to their credit limits. You should
also consider in the APRs associated with each card so you can pay down the
cards with the highest APRs-which will leave more money to pay down all your
cards.
How quickly does paying down a credit card affect my score?
It often doesn’t take that long for balance decreases to have a positive impact
on your score. However, before paying down a credit a credit can have a positive
affect on your scores two things need to happen.
1) the credit card company needs to report the balance decrease to the credit
bureaus.
2) the credit bureaus need to update your credit report with the balance
decrease. |
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