New Member
Posts: 4
Registered: ‎07-20-2007
How Will Paying Off CC vs. Installment Loans Affect Score?
I've just found this forum and I think it's great.  I'm going to have a good time this weekend trying to read everything.
Hopefully some of the wise people may be able to answer a question.  I've been slowing improving my score for over a year -- last year it was 588, now its 673.   However, now I'm going to be coming into a bit of money and was wondering how to pay off debts to improve score.  I've got one revolving account at 19% so that goes without doubt.  However, I have an installment loan at 14.75% from my CU and a CC from the same CU at 11.9%, both with about the same balance.  Should paying off one have a priority over paying off another as far as my score is concerned?  Instead of paying off one, would it be better to split the money 50/50 to each?  Also, if I do get even more money than anticipated, the next loans to payoff are all installments at about the same rates.  Again, is paying down one account $1000 better than paying down two accounts by $500 each?
Any help/thoughts/insights would be greatly appreciated.