Should I pay off balances from closed credit card first or balances from open card?

Answer 1

Personally, i'd prioritize this way:
1. Pay the minimum on the active cards, on time! (and not use them)
2. Pay off the closed cards. (Those can REALLY mess up your credit score... it looks good that they are paid, even late.)
3. Pay the active cards off, do NOT cancel them... just don't use them any longer...

Answer 2

List em smallest to largest and pay minimum on all but the smallest. Pile cash on the smallest untill it is gone then move down the list.
Most people will tell you to pay the highest interest rate first. I like smallest to largest because you get the smallest one payed off faster and it keeps you motivated to get the next one. Interest rate is not the problem. It's your spending.
Same reason I wouldnt consolidate. One big bill seems to take forever.

Cancel all the cards and dont play the credit card game. Dont obsess with the I Love Debt score.
I see people on here worshiping the I Love debt score all the time. The only thing its good for is getting into debt.

Of course the bankers on here and their loyal followers are gonna tell you different.

Debt free is the way to be!

Answer 3

I have the same question. I'd like to hear what others think, but to me it makes sense to pay off the closed card first, since it's seems it would negatively affect the debt to available credit ratio. I look forward to seeing the answers that specifically answer this question.

Answer 4

Pay off all balances. If you're carrying a balance and paying interest, you are a fool. No wealth building comes from paying interest.

Answer 5

Do the one with highest interest rate first. Then use any money you would have paid on that card towards the one with the next highest rate.

Answer 6

the best choice is to consolidate them so maybe you can get a lower intrest rate =)

Answer 7

NO