How to pay off one of 3 credit cards, and get the best effect on your credit rating?

memphis73

Hi I'd welcome opinions on this. I have the chance of paying off one of my 3 credit cards (3K +6k+6k).

I'm planning on paying off one of the 6k, but wanted to check on how to get the best effect on my credit rating which is in the dump. Perhaps it is as simple as just choosing the largest card with the highest interest rate, but if there's any tips for how to do anything more I'd be so grateful to hear it.,

[Deleted User]

Pay off the one with the highest APR, not not the largest balance.

It will make no difference to the dump that your credit rating is in, but it will reduce your debt fastest and therefore make you look better to lenders.

easterbunni

Who are your credit cards with? It may be that paying off a certain one will trigger them to offer you a 0% or low% balance transfer to reduce the cost of your borrowing, then you can target your payments better.

Otherwise, pay off the one with the highest APR

memphis73

easterbunni said:

Who are your credit cards with? It may be that paying off a certain one will trigger them to offer you a 0% or low% balance transfer to reduce the cost of your borrowing, then you can target your payments better.

Otherwise, pay off the one with the highest APR

Thanks for this - Nationwide and Barclaycard, and the smallest amount is with M&S