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Finally paying off credit cards

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Anonymous
Not applicable

Finally paying off credit cards

I finally got a loan to pay off my credit card debt of $18,000. 

 

My question is: Is it better to make multiple payments (say, pay it off in chunks in 3 months), or should I just pay it all off at once.

 

 

Message 1 of 6
5 REPLIES 5
AllZero
Mega Contributor

Re: Finally paying off credit cards

Partial or all at once. Score will net same result if aggregate utilization is equal. Only thing not equal is the extra interest fees you will be paying for those revolving accounts.

 

To answer your question, better to pay it all off at once.

Message 2 of 6
sxa001
Valued Contributor

Re: Finally paying off credit cards

If your loan was specific to consolidate your debt I would pay off all the debt at once, don't let that money sit in your checking account and intice you to use it for other things and anyways there is no value in spacing out the payments.  The loan you are paying off is an installment loan so don't worry about a score hit for paying off any other installment loans. 


Message 3 of 6
Anonymous
Not applicable

Re: Finally paying off credit cards

I  would pay it off all at once. Curious who it was with. I would love to get a loan for my $16000 of discover but I can't get a loan. My score is 710. 

 

Message 4 of 6
1GaDawg85
Valued Contributor

Re: Finally paying off credit cards

Pay ALL that debt off right now.

 

Do not wait. 



FICO 5 ,4, 2 - 10/2023                            FICO 8 - 10/2023                                   FICO 9 - 10/2023                                   FICO 10 - 10/2023
     
Message 5 of 6
Anonymous
Not applicable

Re: Finally paying off credit cards

I went through my credit union - UCU 

Message 6 of 6
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