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susandanger

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So tax returns are coming and i'm planning to pay off A LOT
My husband and I are on one income currently and we just had a baby. We're expecting much more money this time around for tax returns, and we're attempting to pay off A LOT of our debt, all in one big ole payment. With all our medical bills and loan and student loan and car payment, we can no longer afford to make payments to everything and afford to do normal things, like eat. How do you think it will affect our credit? We'd rather do payments on everything because it will better our credit, but it simply isn't affordable right now. (We will still have certain bills left to make payments on, so that's sort of good.) Thanks for you thoughts!

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Is this debt in good or bad standing?

If you have collections or other negative debt to pay, making payments does not help your credit. You want to read about PAY FOR DELETE AGREEMENTS.

If you are talking about paying off accounts that are in good standing, then expect score decreases, but remember you don't revolve your life around credit scores and you don't give yourself hardship to have good scores, good scores are to avoid hardship, not create it. If you won't have any accounts open once you pay everthing off, get a credit card and use if for a small purchase every month and pay it off before the due date to keep some active credit going.

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