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jmeehanps

Paying off a few credit cards....

I currently have 15 CC accounts all with full high balances. I have the ability to pay off EITHER 7 accounts and pay down 2, OR pay down 11 accounts, down to the 30% unused credit rule...Which is the SMARTER strategy to possibly up my FICO score? I KNOW it's not smart to close accounts once paid off. Any suggestions?

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personal finance

Posted 2009-07-26T00:29:45Z
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URI93

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Instant Person-Just add coffee.

Make a list of what you owe on each one. Make your minimum payments each month, except for the one with the lowest balance. Work on paying that one off, and then move to the one with the next lowest balance. Quit charging on the cards and they will get paid off. You'll have a feeling of accomplishment as you shorten your list. Do not close the accouts, since one thing FICO is based on is how much credit you have available to you. Good luck

Posted 2009-07-26T14:46:52Z

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