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Need help with FICO score


catchingup99
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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.

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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.

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