Is it best to pay 1 card off at a time or spread the pay all off evenly?

[AnalyticalMind84]

I have about 5 credit cards right now with the following limits: wells fargo: 2,950/3,000 chase: 180/200 capital one: 670/750 bofa: 1,450/1,500 target: 950/1,000 I was wondering if my score would increase more by me paying off each card one by one, or should i split the money i pay up into even payments for the five cards each month? Thanks

[Anonymous]

It depends if you are going to be making a major purchase soon and need max points per $.

These are for the most part maxed out-

I recommend the paying the highest APR first.

Some people use a "Snowball" method paying the lowest balance first and then rolling that payment up to the next one. The idea behind this is purely psychological.

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@AnalyticalMind84 wrote:
I have about 5 credit cards right now with the following limits: wells fargo: 2,950/3,000 chase: 180/200 capital one: 670/750 bofa: 1,450/1,500 target: 950/1,000 I was wondering if my score would increase more by me paying off each card one by one, or should i split the money i pay up into even payments for the five cards each month? Thanks

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[AnalyticalMind84]

I am planning on getting a new car soon, and right now the rate i qualify for is 10% on an auto loan according to score watch...it's a cheap car already but i want to get the best rate possible so i'm trying to raise my score the quickest based on how i pay the cards off

[fused]

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AnalyticalMind84 wrote:
I am planning on getting a new car soon, and right now the rate i qualify for is 10% on an auto loan according to score watch...it's a cheap car already but i want to get the best rate possible so i'm trying to raise my score the quickest based on how i pay the cards off

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Timothy's way is best for saving money but if scores are very important, pay off the cards evenly. The trick is to have the fewest cards reporting > 50% util, < 30% better, < 10% even better.

[AnalyticalMind84]

well thanks for the answers...i think i'll probably go one at a time for the most part, paying 300 or so on a card with less than $1k CL actually looks like progress to me but if i had used it towards the $3k one, i think i'd feel less determined to keep tackling the debt. why oh why did wells fargo give me a $3k limit with 1yr credit history!!! lol. i did pay off Chase card today though and cut it up :-) i left like $5 on it. I'll probably use it for my monthly membership for my video game online so it can have some activity