Does it matter for my credit score which card I pay down more?

Question

I have two credit cards...one has a $500 limit and has only $30 available credit. The other has a $750 limit and has about $200 available credit. I have $100 this month that I want to use to pay either one or both down. Should I pay $50 on each or pay more on one or the other? I'm trying to improve my credit score although its not terrible...Thanks

Answer 1

YES! Pay the ones that have a balance higher than half the limit. anything that has more than 50% used, negativley affects your credit. try to keep it between 30 - 50% to have a positive affect on your score.

Answer 2

It is good to see a question answered by three thinking people. It is frustrating sometimes to read some of the stupid stuff people say just to get two points.

Good job you guys. I gave each of you a thumbs up.

You want to pay something towards both cards to keep from getting a late pay on your credit report. Maybe pay the minimum on the higher card and pay down the lower card more so you have more than $30 available.

Just a suggestion.

Answer 3

The first two answers are good answers.
However, if I understand you correctly: you ONLY have 100.00 this month to pay period.
So I would divide it up; also call the companies and if it won't cover your minimum payment work something out w/them; very often they will waive a late fee, or extra chgs. if you get caught up and call back in.
It depends what your minimum payments are: you should always pay 2-3x your minimum; whatever is leftover from your 100.00, add to the card w/the highest balance.
Or, if you need to "feel good," and want to wipe one out asap, pay on the lower one.
Up to you; paying off higher balance is best though.

Answer 4

pay down the one that is closest to the credit limit. that is one factor that influences fico score most.