Continue monthly payments or pay off credit card?

[Anonymous]

My FICO score declined because I was late on a handful of paid-in-full payments. It is wiser, to raise my score back up, to continue to make on-time monthly payments (100% or more of the minimum amount due) or pay off the one credit card in full (thanks to the COVID stimulus check)?

[SouthJamaica]

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@Anonymous wrote:

My FICO score declined because I was late on a handful of paid-in-full payments. It is wiser, to raise my score back up, to continue to make on-time monthly payments (100% or more of the minimum amount due) or pay off the one credit card in full (thanks to the COVID stimulus check)?

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It's best to pay off your credit cards, letting one report a small balance before you pay it off.

[Anonymous]

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@Anonymous wrote:

My FICO score declined because I was late on a handful of paid-in-full payments. It is wiser, to raise my score back up, to continue to make on-time monthly payments (100% or more of the minimum amount due) or pay off the one credit card in full (thanks to the COVID stimulus check)?

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Welcome to the forum!

@Anonymous The effect on your score won't be different, other than its effect on utilization, which goes up and down with your balances. It's the lates that hurt. The algorithm penalizes for lates rather than rewarding for regular payments. But, with that said, @SouthJamaica gives the best approach for both saving money and maximizing scores.

[Anonymous]

I think it's best to just pay them off, then no worries about any future late payments. I mean what's to say it wouldn't happen again?

[bloccoblu]

I would consider my current, future cash position and the potential of balance chasing. just my opinon