Asked by Wallace  |  Submitted June 05, 2017

Which is the best debt to pay off first higher balance or higher interest rate?

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  Answers  |  1

June 05, 2017

That will depend on your credit history and your current credit score. Typically you would want to pay down those with the highest interest rate first but if you are trying to work to improve your credit scores you will want to make sure your credit balance is not at or close to your credit limit. You also need to look at how may revolving accounts you have open and what again what percentage of credit are you using. If you have several revolving lines of credit and typically carry a higher balance may be hurting your credit score.

Wallace | 06.05.17 @ 20:59

Thanks that's really exactly what I thought. Here are details: scores 681/703/698 big fall from previous 740 range due to debt income ratios.


Wallace | 06.05.17 @ 21:02

Mortgage 2; revolving 15; installment 5 ; 379,000 to 471,000 an 80% debt to credit ratio

$commenter.renderDisplayableName() | 09.28.20 @ 02:28