desperate for advice on credit cards

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 available in which I could pay a balance off one of them in full and close credit card to improve credit rating or spread it across 3 cards, Which is the best way to go about it I would desperatly love to get the balances down and improve my credit rating over time. Any solid advice would be greatly appreciated

HappyMJ

If you can pay one off in full then do so. By paying one off in full you may become eligible for a balance transfer offer which you can then use to pay off another one of your cards. I wouldn't close the card. You get a better credit rating having unused available credit rather than it appearing you have all of your 2 cards near their maximum credit limit. I would if the card does not offer you a balance transfer deal start using the card for normal every day purchases and paying that card off in full each month to avoid interest and keep it active.

sshipt1

Thanks for the advice, Just what I needed

eskbanker

You should also look at the interest rates and consider throwing most/all of your available money at reducing the balance with the highest APR....

grumbler

I think it's "in the first place", not "also".