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Question By
rhines81

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Should I spread out my credit card debit to multiple cards?
I am currently carrying a balance of less than $8500 on a single card with a $9500 limit. I have about 45000 in available credit on all of my cards. All of the other cards have 0 balance. In total I am using less than 20% of my TOTAL credit card limits, but 90% on the one single card. Should I shuffle the debt around over multiple cards or just keep paying down the single card each month??? I can afford the debt, no problem, but the goal is to achieve a better credit score.

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Just work on paying off CC

I'd suggest just working to pay off the credit card you have.  To spread the amount due on the one card to the others would require taking cash advances, which carry a higher rate of interest and some fees.  That would be increasing your total debt load, which is foolish.  Just pay off what you have as quickly as possible.

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Balance Transfer - Not Cash Advances

I can do balance transfers between cards that would amount to about 2% APR interest.  Whether I do the the balance transfer or not, I plan to have the full balance paid in about 10-11 months.  If I did the transfers it would cost about $130 total.  Question is, would spreading out the debt so that all of my cards showed <20% significantly increase my score (20+ points) in the near term or does carrying that balance on one card (90% usage for that card) not have too much of an effect?

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