Pay full balance or take my time?

[Anonymous]

Hi, is it best to pay all my credit card balances completely off at 1 time or should I space it out?  I have 7 credit cards and they all have high balances. I'm in a position now where I can pay all balances off but would that be a good move or should I pay a little down each month for a few months. Does it really make a difference?  Someone told me to not pay the full balance at once and instead pay down a little each month to get my credit score higher. 

[Brian_Earl_Spilner]

I paid mine off in one swoop.

[Anonymous]

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@Anonymous wrote:

Hi, is it best to pay all my credit card balances completely off at 1 time or should I space it out?  I have 7 credit cards and they all have high balances. I'm in a position now where I can pay all balances off but would that be a good move or should I pay a little down each month for a few months. Does it really make a difference?  Someone told me to not pay the full balance at once and instead pay down a little each month to get my credit score higher. 

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In the current economic environment it makes all the sense in the world to pay off all your credit card balances if you are in the position to do so.  Whoever told you to pay down your account over time is misinformed; you will see an increase in your credit scores if you pay off all your accounts except one.  And the only account reporting with a balance should be with a minimal amount simply to show some credit activity.

[Anonymous]

Did you see a big jump with your credit score?

[Jnbmom]

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@Anonymous wrote:

Hi, is it best to pay all my credit card balances completely off at 1 time or should I space it out?  I have 7 credit cards and they all have high balances. I'm in a position now where I can pay all balances off but would that be a good move or should I pay a little down each month for a few months. Does it really make a difference?  Someone told me to not pay the full balance at once and instead pay down a little each month to get my credit score higher. 

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Unless they are all 0% interest why on earth would you not pay them off if you have the opportunity to?

As for optimal scoring, pay them all off except one and leave a tiny balance.

[CYBERSAM]

Why would you want to waste money on interest for months to come? 🤔

[Anonymous]

The person that gave me that advice said my score would come out better that way.  She said take 3 months to pay it off instead of just paying it off completely at once. 

[Anonymous]

Good point Cyber. 

[M_Smart007]

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@Anonymous wrote:

The person that gave me that advice said my score would come out better that way.  She said take 3 months to pay it off instead of just paying it off completely at once. 

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That does not make sense? .. Pay interest or pay off?

I'd take the pay off route. JMHO

[Brian_Earl_Spilner]

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@Anonymous wrote:

Did you see a big jump with your credit score?

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I'm still waiting for the updates