I have a high debt ratio but have the opportunity to bring that ratio more in line with an upcoming lump sum payment. Is it more favorable as far as the credit score is concerned to pay down my installment loans or revolving charges? Is it best to do this at once or preferred over a few months?
I still have work to do to bring my score up after the lump sum payment as I can not pay down all the debt but with the help of this forum and concentration I know it will happen
Hey doxydawg, welcome to the forum. If you haven't already, please read credit scoring 101 (helps tons) and other "stickied" threads. As MV said, revolving (much more risky type of credit-unsecured), so potential reward, for using it the way they want to see it used, is greater.
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