Quick question

[Anonymous]

Hello everyone,

I'm new and just have one quick question.  It may have already been answered but I didn't see the thread.  I have 3 credit cards that I would like to pay off.  I have the cash to pay them but would like to know the best way to do so to increase my score.  Would it be better to just pay all three at one time or should I pay it off over a couple of months (like 3)?  I'm confused about whether it would be better for my score to increase my available credit immediately or to pay it off over the next couple months and get also build my payment history.  Please help! 

[llecs]

Utilization play a large part with your score. It is a snapshot of your balances compared to your CL. I believe paying your CC debt now is better, so as long as you don't replace that debt with more purchases. If you aren't paying your balances to zero, I would focus on the higher APR cards first.

[Anonymous]

I found paying in full, every month for 3 months straight, lifted my scores a little over 100 points. That was with 4 of 6 cc's. And I made substantial payments to those other 2, during that time.

If you're not in a rush to get new financing on anything, I'd say try it and see how FICO behaves for you. It seems it always behave differently for different people.

[RobertEG]

It depends on whether you are expecting to use your credit score to obain new credit now.  If  you dont intend to apply for new credit in the next three months, it doesnt matter, as either way you will pay off the debt.  The additiiona three month aging on your accounts and prior inquiries is separate once  you get to the same point in time.  Monthly scores are essentially meaningless until you apply for credit.