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CraigH78

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Is it better to pay off a RV loan or get CC's under 50% ratio?
I have $3,500 to use towards bills. I have a RV loan that is $3400 but also 3 credit cards that are greater than 50% usage. Would it be better to pay off the RV loan or use the money to reduce the balance on my credit cards to below 50%. I understand that saving money wise, it is better to pay the higher interest rates off first, but I am asking what will have the better impact on my credit score?

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Pay the cards

Revolving accounts have more weight than installment accounts when it comes to your credit. In addition to that, if you do not have any other installment loans on your reports, paying off this one, would actually hurt your credit as you would be closing an account in good standing. Pay on the cards.

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Great, thank you!

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