catchingup99 Posted January 3, 2012 Report Share Posted January 3, 2012 I'm currently in a significant amount of debt with 5 credit cards, with high interest, and recently they've tacked on an annual fee for a few of them. I've never missed a payment on any of them, and usually always pay more than the minimum. I've been a member of most for at least 10 years. I came across some money and would like to pay them off immediately. My question is.. do I just pay them off at once? or should i make a couple payments to each one? My concern is about my FICO. I want to do what is best to raise my score, it has taken a big hit due to my debt to income. Thanks. Link to comment Share on other sites More sharing options...
CreditMaker Posted January 3, 2012 Report Share Posted January 3, 2012 Pay them all off as soon as you can. Just don't close the accounts. Link to comment Share on other sites More sharing options...
willingtocope Posted January 3, 2012 Report Share Posted January 3, 2012 There are like 17 different FICO scoring models...one for CCs, one for new cars, one for mortgages, insurance, employment, even hospital bills.Paying off your credit cards MIGHT cause a dip in your FICO Bank Card score (the "sucker" score), but what do you care...you'll have 5 CCs with $0 balance for emercencies. Your other FICO scores will all either stay the same, or climb.Oh yeah...and I would close any that charge you yearly fees. Link to comment Share on other sites More sharing options...
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