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bollingn

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Should I pay off an open credit card first? Or a closed credit card that has a balance?
I am in the process of doing the snowball effect to pay off my credit cards. I have two credit cards that are roughly the same balance. One CC is open, the other one is a closed account. Which credit card should I pay off to increase my credit the most? I plan to pay the other card off in the next two months

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Oh and by the way - paying off accounts does NOT increase your score. You and many others are laboring under the misinformed idea that paying off stuff raises your score - it does not.  You credit score rewards you for managing debt responsibly; you are NOT rewarded for paying stuff off or being debt free. The more you know...

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I'm guessing if the one was closed by the creditor with a balance it's in default. Pay that one off first before they place a charge-off on your credit report and then send the account to collections. If you can maybe they'll play nice and not set in motion events that will hammer your score not once but twice.

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