Paying off the credit card

[Fester82]

I'm getting inheritance at the end of the year and plan on paying off my credit cards. I've been playing with the scenarios to get the biggest bang for my buck. My question is though should I pay it all off at once or do what the scenario said and don't pay them all off but leave a 10% balance and pay it off over 12 months instead of just one lump sum. Not exactly sure what to do thank you

[Friendlyfranknbeans]

Pay it all off. Debt free is the way to be. 30-45 days your score will skyrocket. If you have trash credit then get a large secured card (5,000) or a pledge loan from NCFU and you'll be good. 

[Horseshoez]

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@Fester82 wrote:

I'm getting inheritance at the end of the year and plan on paying off my credit cards. I've been playing with the scenarios to get the biggest bang for my buck. My question is though should I pay it all off at once or do what the scenario said and don't pay them all off but leave a 10% balance and pay it off over 12 months instead of just one lump sum. Not exactly sure what to do thank you

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There is zero benefit to staying in debt, especially when there is interest you could put to better use elsewhere; pay it all off, leave one card reporting say, $10 to avoid the All-Zero scoring penalty, and watch your scores rise.

[Fester82]

Thank you very much