Paying off debt to improve credit rating

tetty177

Hi everyone
just after some advice I currently have an okay but not great credit rating. I have around 8/10 credit accounts mainly credit cards and catalogue accounts totalling to about £13000. I am in a position to pay £9000 off of these cards but I am not sure what is best to do for my credit rating. Pay some off of each so my utilisation is low across all cards or pay some off in full and keep some with a fairly high utilisation. Due to my credit file not being great most of these are quite high APR. My plan is to hopefully improve my credit score to then get a lower rate card or loan to pay off the final £4000 of debt over the next year or two. 

[Deleted User]

The credit rating or score doesn't matter. What matters is the risk you present to lenders, so pay off the debt, from highest rate to low.

Your score is likely to drop due to the significant change in your indebtedness, but just ignore that.

Jamesyb123

Pay off the highest interest but also keep an emergency fund as these are unpredictable times and there’s always a chance some back up cash can be useful to avoid having to use debt again