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I have a credit repair question, i have 2500$ in total

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credit debt. spread across 5...
i have a credit repair question, i have 2500$ in total credit debt. spread across 5 separate accounts. would it be better to pay them all off at once, or make payments in increments? which rout will effect my score the fastest and most positively
Submitted: 5 months ago.Category: Finance
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Answered in 2 minutes by:
3/14/2018
Financial Professional: Gerald, Esq, Attorney replied 5 months ago
Gerald, Esq
Gerald, Esq, Attorney
Category: Finance
Satisfied Customers: 5,453
Experience: Over 30 years of experience.
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Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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Financial Professional: Gerald, Esq, Attorney replied 5 months ago

Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow-up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

If you have the money to pay them off, pay them off. It will save you the most money and will not harm your credit rating.

You need not cancel the card but put them away. Keep the oldest account open (pay it off but don't cancel the card) you have, because the oldest continuous credit account is a positive factor in your score.

If you can not afford to pay off all the accounts, start with the highest interst rate card, pay as much as you can on that card until it is paid off, and pay the minimum on the others. Once that card is paid off, add the payment you were making to the minimum on the next card in line until that is paid off. Repeat the process until they are all paid off.

Do not hire a credit repair agency without a lot of research. They are very often not helpful to you and some are scams.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

Please do not forget to give me a positive rating. It adds nothing to your costs but helps me greatly. Thank you.

If you are dissatisfied with my response, PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or, if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you, and only ask the same from you.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

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