What would be better for my credit score?

[Maztek]

Im getting some money in next week and I want to use it to clear some credit cards as my score is appalling. Would it be better to pay some of each of them off, or to clear 2 of them fully and continue to chip away at the other 2. I wont have enough to pay all 4 in full.

I would get two below 80% of there limit and clear the other two completely if you have enough to do that.

Would you clear the 2 higher ones or the 2 smaller ones? I have £1500, £1000, £900 abd £450. Im getting 2700.

Are they all currently on interest free deals? If they are then pay off the one with the shortest deal, ie the one that will start accruing interest soonest.

If the balances are gathering interest then pay the one with the highest interest, then put any remaining to the next highest interest one, and so on.

As you've not got enough to pay them all off completely it's best to leave yourself with debt at the lowest possible interest rate. Then next month you can throw the money you were previously paying at the remaining debt. It's the best way to bring down the overall debt in the longer term.

Clear the two highest. You’ll be paying the most interest on those so will find it easier to tackle the lower amounts.

Plus, once the higher ones are cleared your report will show you using a lower percentage of your overall available credit.

Alternatively there's also a school of thought that says to pay off the 3 smallest balances, to mentally feel better that you only have one remaining credit card with a balance. But financially, you're better off paying the one(s) with the highest interest rate.

I have no idea what the interest is to be honest! Think im going to clear the 2 higher ones! the £450 i can probably clear with next months wages then I can just chip away at the 900. What a mess! I just want my score to improve as my car isn't going to pass the next MOT!

Can you move the highest one to an interest free card? Then you can set up a direct debit to pay off the £1500 monthly.

I can’t get any credit cards at all anymore even balance transfer ones!