Credit Card debt and credit score built

[Dado5]

I just did short sale on my home and Credit score dropped down from 780 to 640 (of course)

Now I have around 5k debt on my cc. 3000 on one cc and 2000 on other.
I was going to pay them off this week, but was thinking if I should keep paying them slowly so I build my credit back little bit. Or should I pay 3000 off and keep paying 2000 slowly off?

What do you think?

 

[Jello]

CC debt is not good debt to have. You should pay them both off and talk to your bank about a credit builder loan. I know M&I Bank does them and they are becoming popular with some if the others. Go in and talk to your account rep at your bank about it.

 

[Moe1ron]

If you are using more than 30% of ur limit you are actually hurting your credit.. I am currently looking to buy a car so I was looking at my credit report and the score had dropped dramatically.. I too was under the impression that paying off slowly built credit but not the case.. I paid them all off and my score jumped 70 points in a month

 

[Dado5]

CC debt is not good debt to have. You should pay them both off and talk to your bank about a credit builder loan. I know M&I Bank does them and they are becoming popular with some if the others. Go in and talk to your account rep at your bank about it.

I heard about that. Im gonna go talk to my banker and see
Thanks Jello

 

[Dado5]

If you are using more than 30% of ur limit you are actually hurting your credit.. I am currently looking to buy a car so I was looking at my credit report and the score had dropped dramatically.. I too was under the impression that paying off slowly built credit but not the case.. I paid them all off and my score jumped 70 points in a month

damn, im gonna pay them off tomorrow.

 

[cheloz28]

If you are using more than 30% of ur limit you are actually hurting your credit.. I am currently looking to buy a car so I was looking at my credit report and the score had dropped dramatically.. I too was under the impression that paying off slowly built credit but not the case.. I paid them all off and my score jumped 70 points in a month

Good to know and I used to think the opposite was better.


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[Dado5]

I also have 2 cars im paying off totaling $96k
That should help my credit score too

 

[Barbie81]

Hey I just paid my card off by claiming back the payment protection.. had to pay a the claim company once I got my pennies but I love the fact the weight of debt is off my shoulders ... anyways you dont sound like you should be worrying when youve got 96K t splash on boy toys
x

 

[Dado5]

Hey Barbie Thats great that you could do that.

Yeah im not in trouble paying them off, just trying to take any advatnage to build my credit score back .