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idol518

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Partial Payments To Several Credit Cards Or Payoff One Credit Card?
Hi Everyone,

I am new to the forum. This is a breakdown of my credit situation. I have been through some rough economic times and I am starting to get back on track. As of right now I have $2,300 to pay for a few credit cards. The question is what would be my best strategy for doing so to increase my FICO Score. Is it best to have a lower individual utilzation rate on a few of the credit cards (35-40% each) OR leaving one credit card at a 1-10% utilization rate (or paying it off completely) and any money left dispurse between other cards? Do these factors affect credit score or it ones credit score calculated on an overall credit card utilization rate?

Thank you!


Balance Interest Credit Limit

Best Buy Card: $1,386.47 @ 25.24% - $1,650

Wells Fargo Credit Card $ 636.90 @ 23.99% - $700

Discover Card $789.58 @ 22.99% - $800

Wells Fargo Platinum Card $939.83 @ 21.49% - $1,000

American Express $450 @ (Charge Card) - $500

Home Depot Card $0 @ 25.99% - $1,800


I do realize how bad my credit cards balances look at a creditors standpoint. Thank you in advance to anyone who can helo and give me good advice in telling me what you would do in my situation based on your knowledge.

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Top Contributor
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Do you have 1000 dollars in savings?

Do you have a Budget?

if you do then Pay off your  Wells Fargo CC, Discover CC and AmericanExpress CC,  and put the rest on Wells Fargo Platinum Card,

Take everyone of these Cards out of your Wallet you don't need to have them on you at all.  As you don't want to charge anything more until they are all paid off.

Top Contributor
1884 Contributions
3672 People Helped

With $2300 to pay down cards.

Pay off Amex and Bestbuy. 

Next pay twice your minimum payments to your Wells Fargo platinum  and Discover. Then whatevers left pay to your WFargo card. 

Then Always pay off you cards with the highest interest rate first. They cost the most.  Always make the highest payment you can, try for at least twice the minimum if not more  

Put the cards away until your utilization in under control. Less than 30%. 

If you can't live without them your living beyond your means. If you continue you will never get ahead. 

Good luck. 

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