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Better for score?
I can pay off all three at once, but does that "signal" anything to the credit score? Would it be better to pay off say 1/4th per month over 4 months?
Immediate payoff will certainly make an interest rate and interest payment impact, but these things don't always work logically, and I don't want the scoring computers to read anything into my hard work to come up with enough to pay them all off at once.
Thanks
Pay them all off now if you have the money.
Your max FICO score will ultimately end up the same, but you'll get the dual benefits of an earlier max score (rather than later) by paying them off now, and you'll save $ by paying no interest. Your FICO score is only a snapshot for the exact time that it's being pulled anyway, so there will be no long-term negative effects by paying now - only positive.
Welcome to the forums, roccaas!
If you are not seeking new credit anytime soon, pay off your cards in full at your whim. It won't matter much in scoring, but it will matter to your wallet. Do not pay interest if you don't have to.
Please know that I might not fully understand your question, but as a general rule, if you're not looking for a loan, don't sweat your credit score, just tweak it when you need it!
All the best to you, and again, welcome!
@TNTransplant wrote:Pay them all off now if you have the money.
Your max FICO score will ultimately end up the same, but you'll get the dual benefits of an earlier max score (rather than later) by paying them off now, and you'll save $ by paying no interest. Your FICO score is only a snapshot for the exact time that it's being pulled anyway, so there will be no long-term negative effects by paying now - only positive.
+1
You've done some work to get your scores to where they are. You could go to that next level by paying off your balances and keeping one account at ~7-9% utilization. I've seen that recommended here and elsewhere and that's where I got my best score boost. YMMV.
Pay em off asap. There is no reason to wait when you have the cash now, GL.