A family member recently passed away and due to that we will be able to pay off our debts. It’s a guilt-ridden feeling that this is what it took to be able to be free and clear but it’s the unfortunate truth of the situation.
As far as credit scoring is concerned does it matter how debts are paid off? I’m still in the process of trying to re/build my credit and raise score and it hasn’t been very successful to this point. Making on time payments doesn’t really do crap for you, in reality, when all the other factors are included.
So as far as any potential impact to credit score should I just pay off all debts at once to zero out balances or should I stagger the payoffs monthly or even drop the balance down to a $ 100 or something like that then pay off the following month? Or does none of that even matter?
We also have a loan open that we intend to pay off even though that would reduce the total amount of available credit limit and would reduce any potential benefit of a couple more years of on time payments.. but not having that monthly payment is more beneficial to us right now than anything else.
Any advice on how to proceed with all of this? Just pay things off and be done with them?
Thanks in advance.
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