Will my credit score be higher if I..?

pay off my 2 debts in whole right now or continue making payments...

I have 2 debts:

Bed:
Financed Amount: $1,100
Current Pay-off: $440
Opened July 2006
Payment: $34.00 per month
TV:
Financed Amount: $1,500
Current Pay-off: $1,200
Opened April 2007
Payment: $41.00 per month

Would it be a mistake to pay them off completely right now, or continue making monthly payments

First off, know who rates you and it isn't the company that issued the loans, but a rating service that the issuer subscribes to like equifax or transunion. Here's a little list to keep as a reminder to help build your credit score:
Reduce any outstanding debt.
Stop applying for new credit.
Try not to add any new balances.
Avoid having creditors check your credit report too often (each credit check will adversely affect your score) Choose to keep one or two credit cards that you鈥檝e had the longest. Cancel the rest. A long credit history is better than short one.
You save interest charges to boot! I know all this as I am a former CFO and learned about credit in my early days. I also practice what I preach.

pay them off but keep the accts open your debt to credit ratio increases or decreases you credit

Since credit scores measure how much you owe, paying off your debts and keeping low balances will help make your credit score higher.

FICO score improvements on these types of accounts occur as follows:

#1 bringing the balance below the Max Credit limit
#2 bringing the balance below 50% of the Max Credit limit
#3 bringing the balance below 30% of the Max Credit limit

Do not close the accounts once they are paid off.

This is gonna depend on whether or not these are installment accounts or revolving debt. If installment, keep paying them, if revolving pay them below 25% of the high credit.