Asked by adina  |  Submitted April 20, 2017

What effect will skipping payments on one credit card in order to double the payment made on another card have on my overall credit score?

I have 20 credit cards. I want to skip paying a few for one month to double up payment to another credit card. Will this affect my credit score? Or would it be better to go with a credit counseling company and close all my cards. Which will show on my credit score and affect me as well?

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  Answers  |  1

April 25, 2017

The short answer is it will have a huge negative effect. I'm not sure why you'd think adding a late payment penalty to your balance and a 30-day payment late to your credit would be a good idea, but I assure you, it wouldn't be.

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