Improve Credit rating

sshipt1

I have 3 credit cards which all have a large balance on them, I always pay min monthly payment on time and extra if I have it available, but I have a lump sum of money in which I could pay a balance off, is it best to pay off one balance in full and close credit card to improve credit rating or spread it across 3 cards, I would desperatly love to get the balances down and improve my credit rating over time. Any solid advice would be greatly appreciated

[Deleted User]

Pay the one with the highest interest.

Unless one the cards is likely to offer a decent BT if you clear it.

sshipt1

Do I ask them what the settlement figure is and then ask if they have a balance transfer offer?

HappyMJ

sshipt1 wrote: »

Do I ask them what the settlement figure is and then ask if they have a balance transfer offer?

Pay it off first. Wait a month for a statement then ask. You don't want the offer to start whilst you still have a balance. You need to clear it first. If one of the cards you have is a Barclaycard they always have balance transfer offers.

sshipt1

It happens to be, thats great, thanks so much for getting back to me, it will take the pressure off knowing more info and doing the right thing