[onewhippedpuppy]

Originally Posted by masraum

Pay off the two 5k cards and then put as much as possible each month towards paying off the 10k card. Seeing only 1 bill is usually more of a morale boost than seeing multiple. That morale boost can help towards continuing to pay things off. After he pays off the 10k regardless of which cards, he should continue to pay 550 a month on whatever's left, not pay just the minimum.

Bingo. Paying debt is all about traction and staying the course. Two less bills is a great motivator.

Originally Posted by Eric Coffey

Only problem with that is if the two $5k cards have been opened for a long time, it will ding his account history ratio. Keeping the $10k card that is close(r) to it's limit will tank your FICO as well. Having 3 cards with stable history and good balance-to-available-credit ratios is much more favorable than cutting it down to 1 card that is close to it's credit limit.

I should have clarified that my replies are weighted toward maintaining/reestablishing a good credit score, which is not necessarily the quickest path to debt repayment.

Then it's stupid. Why pay out more money in the hope that you will maintain a higher credit score? Staying in debt for a higher credit score is asinine. The entire idea is to get OUT OF DEBT so you can pay cash for stuff. If you actually have money, you don't need debt.

I'm always curious where the information in regards to a high credit score comes from. It seems that there are so many urban legends as to how to maximize your credit score, and they all require being in debt and extensively utilizing debt. Ever think these rumors are propogated by the credit card companies to keep you on the hook? I've never carried a balance and never had a car loan in my name, my first debt was a mortgage. I didn't even have a credit card until I got married. My credit score is nearly 800, good enough to get a loan anywhere I want. My wife has never carried a balance on her one credit card, had one car loan that we paid off early, and a mortgage that was also paid off early when we sold the house. Her credit score is about 825. Personally, I think most of the tips are total BS.