Optimizing your credit score and paying off credit card debt strategically
Channel: Rondi Lambeth
Date: 2024-04-04

Unlock the mysteries of credit scores and debt management in this insightful video. Explore why it doesn't matter which credit card you pay off first and how to strategically allocate payments for maximum impact on your credit score.

Main Takeaways:

Understanding Credit Utilization: Learn why the total amount owed across all credit cards matters more than individual card balances. 📊

Strategic Payment Allocation: Discover the importance of prioritizing payments towards the lowest balance and highest interest rate cards. 💰

Maximizing Credit Score Impact: Find out how every payment affects your credit score percentage and how to optimize payments for better results. 📈

Questions Answered:

Question: What's better to pay: $3,000 on one credit card or $1,000 on all three credit cards?
Answer: It doesn't matter to FICO because they consider the total amount owed across all cards.

Question: How should payments be allocated among multiple credit cards?
Answer: Payments should be prioritized towards the lowest balance and highest interest rate cards for maximum impact on credit score.

#CreditScore #DebtManagement  #CreditTips