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Question By
namtih

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pay off one card at a time or make double payments each month on each card?
Okay, I have five credit cards, ranging in utilization of 30%-80%. Total debt/limit is 713/900 (Walmart), 505/750(Cap1), 173/900 (JCP), 185/350(Cap1), and 147/400(Credit1). (Unfortunately, from March-June is a flood of birthdays where alot gets charged...grrr). What I have been doing is paying $50 (twice the minimum payment of $25) on each card each month. What I am wondering, is that a better strategy credit score wise or is paying $150 on one card each month with minimum payments on the others, in order to pay off one at a time sooner (My monthly budget for credit card payments is $250/month). Interest rates on all five cards are all near the same.

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Top Contributor
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Until you get your utilization below 30%, it doesn't really matter to your score which cards you pay down first.  I would pay down the ones with the highest interest rates to save yourself some money.  To learn more strategies, visit www.credit.about.com and click on the tab that says "Pay Off Debt".  Best of luck!

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