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kevbo63

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Credit Card Max
I got a Credit Card a few months back with a limit of $3k and it is within $10 dollars of being maxed out. I am done using it for purchases, and intend on doing nothing but paying it off now. I already know I've put myself in the hole credit score wise with the high utilization, all I want to know now is, am I better off paying it all off quickly in 1-3 bulk payments, or should I just continue making monthly payments (about $200 higher than the min is what I have been doing) until it is paid off? I cannot increase my max credit allowed on the card until April, and I also realize by stringing it out I will pay more interest, I do not care, I care ONLY about what will be best for my credit score. Pay it off in bulk payments ASAP, or keep making monthly payments? PLEASE HELP!

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Pay off fast, then charge slowly

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I would pay off the debt as fast as I could to avoid interest, and then charge a small, nominal amont every month and pay it off in full every month. 

I have a card I charge $2.09 on every month for Skype. I make automatic payments, so I never miss to pay the card. That way I am making regular monthly payments which increases the number of my on-time payments - which in turn increases my credit score.

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Which is better?

I had a rather high balance on Fingerhut, of all places.   My husband needed a office desk and a good chair so I got them on Fingerhut to the tune of $1.400.    We paid if off in 5 months, instead of 3 years and my credit score skyrocketed.   I paid them off quickly in order to avoid the interest, which you are not worried about, but you really should think about it.  How much of your hard earned money is going down the drain just on interest?    Also,  if your credit is good, apply for a credit card that has 0 percent transferred fees because 1) NO interest is best and 2) you will have more credit and if you don't use it, your credit to debt ratio is a lot better.  Just because we have access to credit doesn't mean we have to use it.   

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Pay off fast !

Pay it off as soon as possible , that is the best thign for your credit! 

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