@Learning_Tee0225 wrote:I have some CC debt that i am going to consildate into a loan to just pay it off and take care of one monthly payment due to the higher interest rates - itll be about $5500 - my question is i want to see the most increase in my score. The credit simulator shows that if i were to just pay it all off my score would crease minimaly.
Its currently - 644 - 647 - 655 - when i plug in paying off a large sum $5500 out of $7685 it only reflects a +5 +5 +10 increase across all thre reports - however if i stretch out the payments over 3 months it goes up +25 +10 +10.
Do you all feel the credit stimulator is accurate? Does it make sense to get the loan but pay off the debt in increments to get the most increase in score? Doing this defeats avoiding the high interest im trying to avoid.... im stuck
you don't need to pay off cc debt over time to get more points, that's not a thing, don't pay any more interest than you have to. Pay down all of your credit cards as much as you can if not completely.
however, if all of your revolving credit cards have a $0 balance, there is a credit score penalty 5-20 points.
making sure that one of your credit cards always is reporting a small balance (this doesn't mean paying interest, just letting the card report a balance and then you pay it in full)
(doesn't need to be more than like $5 or something)
will give you a small boost to your credit score, on top of the boost that you'll get for paying down your credit cards
@Learning_Tee0225We go by finances over FICO. Scores will follow once you pay down the cards. Faster you pay. Less interest you'll never see again.
