There are two schools of thought in the posts above:
- Pay down strategically to increase your score (get utilization below relevant thresholds)
- Pay down your highest interest debt first
I am firmly in camp #2
Finances ($) > credit score.
There should be no debate. Money trumps credfit score.
Unless cards get closed for being to close to his limits.
OP asked for plan for highest impact on his credit score.
Most people in this situation have APRs that are all similar.
Paying off small balances can also be very motivating opposed to chipping at a large debt which seems impossible to pay off.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!10% Rotating - Discover 5%-20% - Amazon & Lowes 3-6% Groceries - NFCU & Amex Preferred
Well just to clarify im a woman lol and while getting that larger balance under 1000 is a goal of mine i will be paying off possibly closing the cards that have lower bal. I ultimately want to go from 11 cards to 4 maybe even 3
I picked up on that when I saw the vs card!
You have to see- if they all basically have the same APRs, paying off a bunch of small ones right away may save you more than focusing on a bigger balance, in other words, is the interest paid on 5 smaller accts > the interest on one bigger balance if you carry the smaller balances longer?