it's me
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Paying them all down since a potential creditor looks at the whole picture and not just the one card, |
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pinky
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Smartest thing to do is pay down or off the one with the highest interest rate. If they are all the same, pay off the $500 and the $1500 and put the other $1000 on the $3500. |
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komputergryl
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Pay down the $500 to $200.
Pay down the $1,500 to $600.
Pay down the $3,500 to $1,700.
The next time you get any extra money, pay the $3,500 (now at $1,700) down to $1,400.
Continue to make your regular monthly payments on time. Do not close them but stop charging on them while the balances are above or close to 40% of the limit.
And then start paying off the highest interest credit card first.
Try to keep the balances on your credit cards LOWER than 40% of the limit and NEVER go above 40% even with fees and interest. |
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redstake69
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i would pay off the two smaller ones then the left over pay toward the bigger one also see what the interest rates are you would pay off the higher interest rate 1st when it comes to credit they look at outstanding balance and what is possible to get if you have the credit on your cards |
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DaBrat
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Your goal should e to pay them off. Start with the highest one, put the 3 grand on it, pay it till it's paid off.. Than go to the $500.00 one get it paid off and than the last one. By paying these off earlier it will help you free up cash and it will also raise your credit score. |
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Classy Granny
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Pay the one with a $500 balance off and split the remaining $2500 between the two that are left. That will give you plenty of available credit to help raise your credit score. |
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jim
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Pay off the $1,500 & $500, them cancel them. Pay the balance of $1,000 on the $3,500 card and don't use it until it paid in full. |
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*~*BUNNY*~*
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First of all you should never have maxed out your cards in the first place, but my suggestion would be to pay off the card with the most debt on it and then pay off the smaller ones. Next time you should just pay your card off right away. What I do is I will buy something using my credit card and then pay it off just after I bought that item. It's really good to do that because you can have two benefits: (1) Macy's and some other big department stores offer a 15% (more or less) discount just for using their credit card to make your purchases and (2) Pay them off the say day right after you used your card. These strategies will keep you out of debt and your credit score will look perfect! |
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Knowitall
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lowest first. Then apply the payments of the paid off cards to the next lowest.
Make minimum payments on all or the cards but the one you are working on. knock it out and move to the next one. Again applying that minimum payment to the next one. |
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misspriss070807
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I would pay off $500, $1500, and put the rest on the other. That will still help your credit score! And get you out of debt quicker! |
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Rick Ven
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Payoff the $500 balance, pay the $1500 down to about $300 balance and the rest to the $3500 one. For credit score purposes it is better to have small balances than no balance. That is assuming you want your score raised quickly and not over time. Keep in mind it will take 30days or longer after you pay them for it to show on your credit bureau. |
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EJ
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It is best to have a low percentage on all of them. However, I would suggest completely paying off the $500 one just to get it out of the way.
After you do that, use the remaining $3000 for the other two cards. You could probably pay $1000 on the $1500 one and the rest on the remaining card.
That way you will have one card with no balance and one with about 30% of the credit being used. It is best to keep all of your card under the 20-25% mark. Just don't charge them up again and you should be in good shape within a few months.
Don't cancel any of your cards. That will actually lower the score because it reduces your available credit. |
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takeme2thebnk
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No. You don't want to max them out, but you don't want them with no balance either. Pay them down as evenly as possible. Pay 250 for the 500, 750 for the 1500, and 1750 for the 3500. That should increase your score. Whenever you pay your bill add a dollar extra to the minimum, and it will show that you always pay more than the minimum, and that will look better on your credit report. |
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ccaddict
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Your score takes a major hit with maxed out card.
First priority bring utilization on all cards down to 80% of credit limit. Next 50% and then 35%. According to FICO scoring model, utilizations between 1 and 9% are ideal.
However to save on interest payments, it would make more sense to pay off balances on higher interest cards first.
Very Important note: Stop using the cards this very moment and work on paying them back |
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Kris L
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Add all of the credit cards up and divide that total by 5. Divide the $3000 by 5. You should pay the 'number of 5s' from highest to lowest in that order to raise your credit score the most. I know, it's weird, but that's one of the 'tricky things' about anyone's credit score ... most people will try paying of the highest amount first, but you need to 'work equally on all of them according to amount' for the score to go up highest, fastest. |
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abstractfallacy
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As long as you use them and pay them on time your scrore should go up. It does hurt you though having a bunch of open credit cards out there because creditors look at that like you have access to a lot of money and could take the money and run at anytime. I would close two of them and just use the one as much as possible. |
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flyinghighfreebird
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Paying them all down. Anytime you have a cc that is close to being maxed out, it will reduce your credit score. I would recommend paying off the $500 cc apply $1,000 to the $1,500 cc and the rest toward the highest one. Your credit score will not go up immediately, as the cc companies report to the 3 credit reporting agencies on a monthly basis. You should check your score in a couple of months to see if your score went up (as it should have). |
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maverick
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pay the one with the highest rate first and min on the others. should keep a small running balance an all, but never max them. |
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Todd P
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put it towards the larger amount when some one looks at your credit if you have a higher limit than your balance this helps, they also look at how long the account has been open, and the type of payments, it looks better to have several on time payments than a lump some payment. hope that helps! |
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mspeggynd
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I would think you should pay off the lowest one and part of the other 2 since it said you had too many near their limit. They also like to see consistency over time, so keep payiong them. Also don't close them when they're paid off, just don't use them...and build up some savings, no jobs are secure, so you need emergency cash! GL.
You might want to check out the Dave Ramsey website. He believes in living debt free and helps you get there.
Good luck for a prosperous New Year! |
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sunshine<3
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Paying off the highest one completely will not raise your credit score. The best way to rise your credit score is to pay all three of the bills down at a good amount. Continue to do this until they are payed off. |
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