Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
There is another factor, and that has to do with whether you care about increasing your credit score. A large part of your credit score is based on your credit utilization. If you get the account balances at less than 30% of the available credit it will increase your credit score. Take your balance and divide it by your credit limit to get your credit utilization %. If you can get one (or both) below 30% by applying the $800 appropriately, and your credit score is important to you right now (or in the near future - for example if you are looking to buy a car soon), you might want to do this. A higher credit score usually means you pay a lower interest rate on any new credit. The lower the credit utilization score, the higher the overall credit score. This is also why you don't close paid off credit cards - keeping them active with a zero (or small) balance does two things - decreases your credit utilization % and increases your credit history period (how many years you have had your active credit accounts). Both are significant factors in calculating your overall credit score.
If this is not a concern at this time, see above suggestions and take your pick. The difference in the actual account of interest to be paid on these balances at these rates is not really material if you are going to be paying them off soon, anyway.
My credit score is 712 now so I am guessing before the year is over it should be close to 800.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
