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Is this an option anymore?
I had a 650 credit score and planned on paying off my credit card debt down below 10% to raise it even higher. It turned out I had a late payment right before I went to pay both my credit cards down to 10%. I dropped down to a 540-545 (according to CK). I was originally hoping for a $25-30,000 loan at a decent interest rate. I called my bank and she said if my score was really 540 then I'd be looking at 17%. I saved my money that I was going to pay my cards off with, because now with this lower score I didn't know what would be better use of it. Whether it be a down payment or pay off my cards still. I decided to pay off my $1400 limit card to zero. This card will also be canceled because they don't offer that credit line any longer. The other card is a $650 limit and I payed it down just below 10% to keep a balance on it. I decided to do this because it seemed to me it would be the best long term option for the health of my credit. I make roughly $2,250/mo before bonuses and incentives and roughly $2,500 after. I'm single without a child so my monthly expenses aren't much. Does anyone have a related story, and would like to share the outcome?

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