Improving credit rating for future offers

Looneybird

I have a poor credit rating/history and as a result most credit cards I have are of a very high APR. I have 5 credit cards all with APRs over 39.9% and varying amounts borrowed on them but all over 90% of available credit.

Recently applied for a loan that is 17.9% and was successful. This loan amount does not cover all of the credit on the cards mentioned. I want to improve my score/ratings so that I will be offered credit cards with better APRs and hopefully then do balance transfers from those with higher APRs. Therefore, reducing the amount I pay in interest per year and overall reducing my credit in the long run.

So I have 2 options that I need advice on. Do I:
1. Pay off 3 of the 5 cards and then cut them up. Leaving me with 2 cards that are over the 90% available credit?

Or

2. Pay off the amount needed on all 5 cards that would reduce the available credit used below 80%?

Any advice that would help me get to my goal quicker would be gratefully received. TIA.

[Deleted User]

Neither.

Go for option 3  - pay off your highest rate cards and keep all cards open.

Ignore the subsequent drop in score from clearing cards and then continue to chip away with the next highest rate debt.

If you can get a BT offer, use that for the highest rate remaining debt.

Don't turn down any BT offer, however low a limit.