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Apache57

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Paying down credit cards
is it better to pay off 3 credit cards and leave a zero balance on them, yet leave four others with high utiliztion? OR...pay down all eight below the 30% utilization mark?

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Top Contributor
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Your best bet is to get all credit cards paid in full, next best is to pay them down below 10% utilization.  It is not cost-effective to keep paying interest on things you may have purchased at sale prices because you are not saving money this way.

Top Contributor
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My rule of thumb

is to pay off ANY cards that charge interest.  I only carry balances on cards with a 0% interest rate.  If you don't have any of those, pay off the cards with the highest interest rate first, no matter the balance. (You'll save on the interest that way)   You might want to do Balance transfers onto a lower interest rate card if you have that option.  Or open a new account that offers 0% transfers, then pay that off ASAP.  

Cards that charge interest should only be used if you can afford to pay the balance off when the bill comes in. If you can't pay it off each moth, then you're living beyound your means and need to get your budget in check.   The lower the utilization on all your cards the better your Credit Score will be. 

Good luck 

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