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Should I pay off cc slowly or at once

New Contributor

Should I pay off cc slowly or at once

I currently have approx. 8,000 worth of cc debt - FICO score is very low (596-619) due to past late payments.  For the past 8 months I have paids all on time and the score has risen.  Question - Shoulds I pay the cards off in full now or should I pay each month for 12-24 more months to establish an on-time payment history?  Which would be more beneficial to my score?
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2 REPLIES
Established Contributor

Re: Should I pay off cc slowly or at once

I would pay down to approximately 30% if you can. Goal being to get a balance between 1-9% to get the greatest score boost. 
Message 2 of 3
Regular Contributor

Re: Should I pay off cc slowly or at once

I would pay it all at once if I had the money, why give the CC companies more $ in interest? Plus your utilization would go down and your score up.
For age and want, save while you may; no morning sun lasts a whole day.
--Benjamin Franklin
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