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jacklynfaye

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When starting to pay down credit card debt, what is the best way to improve credit faster?
I'm receiving a large amount of money next month and I'm trying to improve my credit. I have 3 major credit cards to pay off, and several smaller ones. Is it best to pay them off one by one? And if so, what ones should I pay off first? It not, should i pay each by a small amount? Is it better to pay off credit cards or a 12k installment loan? I need to get my score back as soon as possible.

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Depends, really. If you're getting enough to cover them all, pay them all down to $0 balance, but *DO NOT CLOSE THEM*. Just let all but one sit at zero balance, and use that last one for buying gas or something, paying the balance down to zero each month.  If you're not getting enough for all that, then pay off the credit cards first, since their interest rates are likely way higher. This will leave you with enough extra money to start hacking down the installement loan (if its interest rate is lower).

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