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Question By
Bijoux11

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Pay down credit card balances in one lump sum, or spread over several months
I have received a significant payment which I wish to use to pay down my cards. Now 95% utilization is killing my credit rating. Planning to pay off several with small balances and close them, and pay others down. Better to pay down over time by significant payments over minimum, or pay down to 50% all at once

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Pay down as much as possible.

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I don't recommend canceling any cards after paying them off because that lowers the amount of available credit you have and will keep your usage level high.  Put any paid cards in a lock box and don't use them often, paying them in full right away.  You don't want the additional expense of paying interest on the accounts if you don't absolutely have to.  The more cards that are paid off, the greater your amount of available credit and a lower usage rate which will significantly improve your credit score.  Then you can work on paying off the other cards in full.

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