Need help.. Should I pay off all my cards

[JLEO85]

Hi all ,

I have a question and need some advice !! I am able to pay off all my card and leave them at zero.. My question is should I will it help me in anyway? Or  should I make lump sum payments on them and carry some bal on them for a month ...  currently at or around 90%utl.  

Barclay: 2300/2500

bestbuy mc : 788 /1000

cap1 : 700/ 950

Cap1: 1100/ 1300 

any feed back is great appreciated 

exp: 550 - under dispute for incorrect charge off re reported after 3 years and paid over 3 years ago

TU: 660

exf: 650

[Leadberry]

---

@JLEO85 wrote:

Hi all ,

I have a question and need some advice !! I am able to pay off all my card and leave them at zero.. My question is should I will it help me in anyway? Or  should I make lump sum payments on them and carry some bal on them for a month ...  currently at or around 90%utl.  

Barclay: 2300/2500

bestbuy mc : 788 /1000

cap1 : 700/ 950

Cap1: 1100/ 1300 

any feed back is great appreciated 

exp: 550 - under dispute for incorrect charge off re reported after 3 years and paid over 3 years ago

TU: 660

exf: 650

---

Are you paying interest?  If so, pay them off.  Even if you're not paying interest, you have about zero reasons not to pay them off.

[Santi78342]

Paying off all but one of them, with that one reporting 1-9% utilization is best for FICO scoring. 

i.e. pay off everything except leave anywhere from $10-$90 left on your Capital 1 card with the 950 limit. 

This will result in a rather significant score boost for you IMO.

EDIT: And by "rather significant" I mean somewhere between 20-40 points. But obviously this is just an estimate as I have no idea what their algorithm is for calculating the score.

[plasectomy]

Get out of debt if you can now, as long as you still have an adequate emergency fund available. If you're a stickler on maximizing your FICO, have one of your cards report $10 and pay it off, rinse, repeat.

A lot of people would love to be in your shoes as you seem to be able to be debt-free in one fell swoop.