10 Tricks That Will Improve Your Credit Score
Pay down the card that’s closest to its limit first.
Your credit score is affected not only by your total debt-to-credit available ratio, but by that ratio for each individual card. While paying off the highest-interest card first will save you the most money in the end, the boost you get from quickly knocking off the lowest-balance card may be more instrumental in keeping you on track. If you have cards that are closed to maxed out, pay off those first. If you have cards that are way up there, it is very bad for your credit score. You are risking having your other issuers raise their interest rates or having other credit problems. With this method, you pay down the lowest-balance card first and pay minimum balances on the rest; as each card is paid off, apply the money you would have paid on it to the next-lowest-balance card, and so on.