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HomeCredit ForumImprove your credit score

Pay credit card balance in full- Will Increase FICO faster?

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asked: Which one will increase FICO faster-Pay credit card balance in FULL OR leaving some balance behind?
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Pay credit card balance in full
30% 30% 
 4 
Pay credit card balance in several months
69% 69% 
 9 
Total Votes 13
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smo65d11@allstate.com



Joined: 15 Jul 2008
smo65d11allstatecom's page
Posts: 1



31 Magic Points
Subject: Which one will increase FICO faster-Pay credit card balance
 
 Posted on Tue Jul 15, 2008 8:12 pm  
I hate credit cards!
 
erb1953



Joined: 31 Dec 2007
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Posts: 631



8 Magic Points
 
 Posted on Tue Jul 15, 2008 10:45 pm  
Have you had a bad experience? Some people use their credit cards on a monthly basis.
 
anthony

anthony

Joined: 31 Jul 2006
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Posts: 493



12319 Magic Points
 
 Posted on Wed Jul 16, 2008 6:01 am  
Credit cards are a bad experience for those who try to utilize the entire credit limit on the cards and are not able to repay back later and thus end up with huge debt and paying high interest rates. But if one uses the credit card wisely to make only necessary payments and repay them on time, only to build up a good credit history, I don't think that credit cards would create problems
_________________
Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
You can also visit my blog
http://financewatchonline.blogspot.com
 
Justin

Justin

Joined: 17 Jul 2006
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10749 Magic Points
 
 Posted on Wed Jul 16, 2008 6:56 am  
Hi goodnatured
Bad experiences with credit cards occur only when we have some debt to repay and the debt is sold to any collection agency by the credit card company. These CA create the most problems and gives us bad experiences. But if we make the payment on time to the credit card company for the amount we have used in our card, I think there should not be any problem.
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Justin
 
Mary

Mary

Joined: 06 Jul 2006
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8655 Magic Points
 
 Posted on Wed Jul 16, 2008 7:06 am  
I agree with both of you. Credit card pose a threat to those who spend money from it, without looking back to his repayment ability. The amount spend on the credit card should not exceed 30% of the total available credit. This is because, amount owed contributes about 30% of your FICO score and spending more than 30% of your credit limit hampers your credit score.
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Where there's a will, there's a way !!
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3133



5262 Magic Points
 
 Posted on Wed Jul 16, 2008 2:22 pm  
They are so easy to get up there on the balance, especially now with the price of everything, a tank of gas, some groceries, before you know it, you are well over 30%.
 
Mary

Mary

Joined: 06 Jul 2006
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8655 Magic Points
 
 Posted on Thu Jul 17, 2008 10:36 am  
You are right goodnatured, but we must keep a track of out credit card spending to improve our credit score. You must be knowing your credit limit. Just use 30% of the limit. Pay the rest of the bills in dollars or by other credit card if you have any. But limit the spending to 30% of the credit limit in that card too.
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Where there's a will, there's a way !!
 
goodnatured



Joined: 03 Nov 2007
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5262 Magic Points
 
 Posted on Sat Jul 19, 2008 2:35 am  
I guess it is okay to have them as long as you can keep track of where you are and what your balance is, the problem that I always had with them was that the fees they add on always seem to be a big part of my credit cared, so you barely get to spend, you just always pay fees.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
Mary

Mary

Joined: 06 Jul 2006
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Posts: 322



8655 Magic Points
 
 Posted on Sat Jul 19, 2008 7:15 am  
Hi goodnatured
I think it is always better to keep track of our spending. Moreover, keep the credit cards if you can afford to pay else close it down because falling in debt for the amount of the annual credit card fees is not worth. But when closing a credit card prefer to close the new ones rather than closing the old ones since old credit cards add up to make your credit history.
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Where there's a will, there's a way !!
 
erb1953



Joined: 31 Dec 2007
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Posts: 631



8 Magic Points
 
 Posted on Sat Jul 19, 2008 11:18 am  
True, you would want to keep the ones with the most payment history.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3133



5262 Magic Points
 
 Posted on Sat Jul 19, 2008 11:03 pm  
true, they are the ones with the biggest credit history
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
erb1953



Joined: 31 Dec 2007
erb1953's page
Posts: 631



8 Magic Points
 
 Posted on Sun Jul 20, 2008 1:18 am  
This makes perfect sense, the longer you have the card the longer the credit history, it just makes sense to keep the older cards open longer than the new ones.
 
anthony

anthony

Joined: 31 Jul 2006
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Posts: 493



12319 Magic Points
 
 Posted on Tue Jul 22, 2008 4:16 am  
The older credit cards make up a good credit history only if your payment record is good in those cards. If you are late at paying the bills in those credit cards, it may even hamper your credit score. So I would always prefer to maintain one or at the most two credit cards so that I can keep a track of my expenditures on those cards and do not miss any payments. This would help me to maintain a good credit history.
_________________
Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
You can also visit my blog
http://financewatchonline.blogspot.com
 
fireyone



Joined: 26 Feb 2008
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Posts: 2855



1882 Magic Points
 
 Posted on Wed Jul 23, 2008 12:14 am  
Good idea Anthiny. Never get so you can't monitor bills that are incoming.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3133



5262 Magic Points
 
 Posted on Thu Jul 24, 2008 1:30 am  
I keep them all in one folder and try to pay them on time. As far as out of the pocket spending, I find it easier to not spend my money if I just have a little bit of cash on me.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
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Which one will increase FICO faster-Pay credit card balance in FULL OR leaving some balance behind?
Pay credit card balance in full 
Pay credit card balance in several months