Saturday, December 17, 2011

Is it better for my credit score to pay off a loan all at once or over time?

One month ago, I purchased a mattress with in-store financing for about $950. With my "spare-time job" I made enough to pay it off in full today if necessary. However, I was wondering if it was better for my credit score to pay it off now--only a month after obtaining the "loan"--or if it would be more beneficial to pay it off with monthly installments. Any references to websites with this and other answers would be greatly appreciated.

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