50% Reduction Idea.

Dandytf

Staring a new idea to reduce Balances of my credit cards.
As I'm not planning on snowballing until 2021, what I've decided to try reducing Balances to 50% utilisation.
This is instead of using  apr or amount owed.
Also it's possible 1 or two cards are recently hitting 50% utilisation.
Is this an acceptable idea, until I begin to free up more income late 20/21.
Thanks

SuperAllyB

Any reduction in debt can only be a good thing however you do it, but snowballing the highest APR debt will cost you the least in the long run.

jonesMUFCforever

I would really start snow balling now - why wait - pay the most you can afford towards the highest charging card and minimum on rest for now.
Any chance you qualify for any new cards to put some of it on 0%?

Dandytf

Thanks all reply's
can't free up any more repayment cash, using 50% balances as achievable starting point.
I'll re check balances again, though later this week.
upto 3 are what I call larger balances which would take years to clear by snowballing, not seeing much progress being made anytime soon, if I attempt 50% balances 1st, then I'll view some progress.

jonesMUFCforever

I was not asking for higher payments now - just that you use what you have to repay the highest charging card first - then the next one down etc.

Dandytf

@jonesMUFCforever
I understand, worked well previously, though at much faster rate with more income.
+ hopefully <50% balances help to avoid any further persistent debt rules.
Also not leaving minimum re payment on some cards.

Dandytf

Your score has improved because the number of credit accounts where you are using over half of your limit has dropped. Lenders pay attention to the amount of credit you use - keeping your usage low will demonstrate responsible use of credit, and improve your credit score.

Could prove valid path.