Re: Snowball Debt Reduction - Myth or Magic?
Why not see what will bring your FICO score up the quickest, so you start getting 0% offers?
If the balance on Card X is very close to the credit limit, and Card Z's balance is already below 50% of the credit limit, it makes sense to pay down X as quickly as possible. From what I've read, it's more advantageous to have two cards at 50% utilization than to have one at 90% at the other at 10%.
Also, if your FICO score is being hit by having too many open accounts, you want to pay off the newer ones and then close them, rather than closing ones you've had longer. Your FICO score is helped by having accounts with an older average age.
Once the 0% balance transfer offers start coming in, you can really start to make headway.
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