I want to build my credit score. I just got a lump sum of money...how should I pay off debt?

My hubby was in law school for the last three years and we struggled from time to time so our credit score has suffered. We just got a large sum of cash that will pay off all of our unsecured debt (credit cards and stuff)....I don%26#039;t know if it is best to pay off the debt all at once, or make consistent (higher than minimum) monthly payments--which one will build my score??

I want to build my credit score. I just got a lump sum of money...how should I pay off debt?

Pay them all off at once if you can. You don%26#039;t need to be worrying about whether you have a credit score or not. That only means that you have a lot of credit. The idea is to have a 0 credit score and pay cash for everything you want no charge it. Listen to Dave Ramsey on the radio or watch him on the Fox Business channel at 8:00 ET.

I want to build my credit score. I just got a lump sum of money...how should I pay off debt?

Well if you pay all that stuff off in a lump some then you and your hubby are able to purchase other things with those cards again and then you can pay the monthly balance after that but remember to keep track and do not go spend happy after you do that, I mean buy what you need but only when you do not want to use cash or if it is a need and not a want because by paying alot of that stuff off it looks good on your credit because they look back at that and go hummmmm I think that we should sell a house to them because when they have extra they pay alot and when they do not have a lot of extra they at least make sure that the minimum sum is in on time so yes I think that if you pay most of that stuff off in lump sums that you will get your credit scores up

I want to build my credit score. I just got a lump sum of money...how should I pay off debt?

i would reccomend paying off the cards completely if you promise not to go overboard using them now,

b/c your amount of debt does impact your score,

if you pay them offf dont cancel them . and if you have money left over invest it or put it in a high yield savings or cd

I want to build my credit score. I just got a lump sum of money...how should I pay off debt?

I would pay off all the debt now (saves you interest) and leave the accounts open with zero balance. Your low actual-to-available debt ratio should help your credit score. Keep future debt to 25% or less of your available amount.

I want to build my credit score. I just got a lump sum of money...how should I pay off debt?

Pay off all outstanding debts and then if you can use your credit cards and pay off every month. Don%26#039;t carry expenditures on you credit cards over to another month. This should get you back on track.

I want to build my credit score. I just got a lump sum of money...how should I pay off debt?

Pay off your debts while you have the cash. If you continue to just make payments in any amount, you%26#039;ll spend the money and not even know where it went.

I want to build my credit score. I just got a lump sum of money...how should I pay off debt?

Pay off the debt and keep those cards open. If you must use them, pay them off every month before the due date to avoid having to pay interest. If you must keep a balance, don%26#039;t have a running balance of more than 30 percent of your available line of credit. Did your husband have student loans? If yes, just make sure that the use of those cards are kept to a bare minimum so that most of your concentration can be on paying back those student loans.