$10,000 dollars in CC debt and just received $9,000.
I have almost exactly $10,000 balance on a $11,500 limit CC. I recently recovered my old coinbase account from 2020. I opened it up to find about $9,000 in bitcoin in the account. (Luckiest moment of my life). I was planning to keep it all in bitcoin and steadily add to it, but now i'm thinking i should sell a lot of it to get below 30% of my credit usage.
Stimulating my score says that if i pay off $6500 it will raise my score from a 567 to a 696.
What would you recommend? Also how much would my score jump if i were to pay it off? Thanks!
UNIMPORTANT INFO: All of the debt is from starting my first business. Im currently paying 2x the minimum payment to lower it. I don't EVER use my credit anymore.
EDIT: Thanks for all the advice and reply’s. I’ve been so busy today so i can’t really respond too much but i’ve been reading them. Seems like the smartest plan of action is to pay off the CC and use the money i would have been paying in payments and interest to invest back into bitcoin once debt free.
Also look into a balance transfer card. Haven’t heard of those before.
Trust me my bitcoin bros i don’t want to sell. I’m going to think about it for a week after doing more research and making a plan, but gotta do what’s best financially. Appreciate all of yall.
If I sell, just know I will be back… BTC to the moon 🌙