help me distribute my money to all my credit card bills so i can have a better fico score!? please please!!!!!

ok so i have 3200 debt on a cc with credit limit of 6000. an other cc with balance of 160 and credit limit of 300. and other with 1300 and a credit limit of 1500. i have 1500 cash right now how should i devide the payments... please help me but the whole purpose is to improve my credit score.

Public Comments

1. I think you should focus on reducing revolving debt, i.e. store credit cards, if they are involved. Also remember fico considers your debt to credit ratio, so you could pay off the card with the 1300 balance, but keep the account open so that your credit limit is there, but your debt has been lowered. With the remaining 200 dollars you could eliminate the 160. balance also. Fico doesn't seem to like accounts that are nearing their max either. Hope this helps, and I'd like an expert's advice too!
2. Entirely pay off your $160 balance. Entirely pay off your $1300 balance. With the leftover $40, add that to what you'd normally pay this month on the $3200 balance. (Or pay only an extra $20 and use the other $20 to take yourself out to lunch as a reward for making such good decisions with your $1500! Hey, eliminating debt is hard work and you've got to pat yourself on the back once in a while when you're doing well with it!) Bingo! With this plan, you've just dramatically bettered your debt-to-credit ratio; and you've reduced your credit card bills each month from three to one. However to really answer this question to the best benefit of your financial future, it'd be helpful to know how long you've had each card and what your interest rates are. Because GENERALLY, you want to pay off the card with the highest interest rate first. I know you are primarily concerned about your FICO score but long-term your FICO score reflects your overall financial decisions ... and a good decision is to pay off your high-interest debts first. I might also recommend that when you pay off the $160 balance on your $300 limit card that you close that account, UNLESS it is the card you've had the longest. That's important. But if it's not the card you've had the longest, and unless it has some really kick-butt purchase rate like 8 percent or something crazy, you probably won't need that $300 credit enough to justify having a dead account hanging around, especially once you start to see that $3200 balance come down after several month of timely payments. Oh, which is another point: The best thing you can do for your credit report is to pay ALL your bills on time. Every month, without fail. A history of late payments will really ding your score. Good luck to you.