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justjaymerz

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What's better to pay, revolving credit or credit card if both have the Same interest rate
I have a revolving credit with my credit union, meaning I can pull the money out and use at any time and pay back. Would it be better to pay that off completely (under $1000) or pay down a credit card. They both have the same interest rate, but my loan has a lower payment.

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if you're trying to increase your score, i'd pay down the one that has a higher balance relative to it's high credit. they both sound like revolving accounts to me. just divide the balance owed by the high credit to see the percent of credit you are using. above 30% utilization and you take a hefty hit to your score, so you might want to consider paying them BOTH down. a third option, get a bigger credit card, with 0% balance transfer, with no balance transfer fee (yes they exist), just make sure the high credit is big enough to not exceed the 30%. transfer both cards to the new one, leave the other ones open. pay off the single big account over time, and use the other ones for something small every month, and then pay them off (as to avoid paying interest). the monthly payments on time will help your credit, and your utilization will be better. 

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