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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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fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2856



1907 Magic Points
 
 Posted on Wed Aug 20, 2008 6:42 pm  
This will be ok for a while but you will probaly find yourself in the shoes I was once in. You will have to bite the bullet at soem point and get one of those higher rate cards and only use it sparingly. What I would do is charge something little and pay half one month and half the next. My ex boss use mto do credit for the banks and directed me on how to do this. I also did it with my hubbys name (fashion Bug too). If you pay off your purchases within the first month it does nothing for your credit.
She was the first one to actually help rebuild my crdit by taking her advice. Now I actually got an account through Dell with really decent interest. I don't use it just make my monthly payments plus a little more for a few christmas purchases I had to make. I was planning on paying it off but more important things came up first.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3133



5262 Magic Points
 
 Posted on Sun Aug 24, 2008 5:40 pm  
I read their terms and conditions, I will not qualify for a card from fashion bug until I get some stuff caught up.
_________________
Goodnatured,

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



Joined: 31 Dec 2007
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Posts: 631



8 Magic Points
 
 Posted on Mon Aug 25, 2008 11:03 am  
If you have any delinquent or past due accounts they will not give you a card, they are pretty strict with their guidelines on who they give credit to, I had their card at one time and paid it off. It came in useful on their family night, I got some really good deals.
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2856



1907 Magic Points
 
 Posted on Mon Aug 25, 2008 12:51 pm  
ERB.. I didn't have good credit at all when I got my FB card. I had two seriously high collection amounts on my report from cap one and providian, two doc bills, fingerhut and a hospitol bill. It was only like a $300 card and I only used it for bargains but I now have it over $2500 credit lim it. I don't charge much but leave some on to get the benefits of the account being open.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3133



5262 Magic Points
 
 Posted on Mon Aug 25, 2008 3:24 pm  
Okay fireyone, I just applied online, we will see what they think, how long does it take them to get back to you? It says 8-10 days, do you usually know before that or is that pretty much normal? I will be really surprised if I get it. I could use it though now that my kid is in school, they have some cool little clothes.
_________________
Goodnatured,

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



Joined: 26 Feb 2008
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Posts: 2856



1907 Magic Points
 
 Posted on Tue Aug 26, 2008 2:08 am  
Not sure I applied in the store. they turned me down once and then the next time I got it. Good luck.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3133



5262 Magic Points
 
 Posted on Tue Aug 26, 2008 2:20 am  
I thought what is it going to hurt, hopefully they will give me it, it will be a start to credit repair also.
_________________
Goodnatured,

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



Joined: 26 Feb 2008
fireyone's page
Posts: 2856



1907 Magic Points
 
 Posted on Tue Aug 26, 2008 7:02 pm  
If not wait a couple months and try again. I use to take apps at the store by computer and I seen people try up to three times. They were usually approved by the third even with bad credit (you hear life stories at a cash reg.) I hear that they only allot so many a month and when the quota is down they except "risks".
 
anthony

anthony

Joined: 31 Jul 2006
anthony's page
Posts: 493



12319 Magic Points
 
 Posted on Thu Aug 28, 2008 10:17 am  
Each time you apply for the card, a hard inquiry may be conducted by the credit card company which lowers your credit score. So you must give a gap of at least 3 months while applying again for the card. More and more hard inquiries imply that you are credit hungry which gives negative effect to your report and hence your credit score.
_________________
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
fireyone's page
Posts: 2856



1907 Magic Points
 
 Posted on Thu Aug 28, 2008 12:39 pm  
This is true. I was always told to leave some time in between applying for different credit cards.
 
lexusstier



Joined: 30 Aug 2008
lexusstier's page
Posts: 2



128 Magic Points
Subject: Which one will increase FICO faster-Pay credit card balance
 
 Posted on Sat Aug 30, 2008 3:45 am  
both are equal. If you have a history of paying in full on time for your purchases, or if you pay monthly on time within several months, the
result is the same-it shows your responsible to your obligations. however, to increase your fico paying balance in several months is better-you have a longer track record to show you pay on time
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3133



5262 Magic Points
 
 Posted on Mon Sep 01, 2008 2:50 am  
Great detail in your answer lexusstier, you are definately right, paying on time will raise your score.
_________________
Goodnatured,

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



Joined: 26 Feb 2008
fireyone's page
Posts: 2856



1907 Magic Points
 
 Posted on Tue Sep 02, 2008 1:57 am  
That probaly is one of the songle moast important things with credit cards..timel.y payments.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3133



5262 Magic Points
 
 Posted on Tue Sep 02, 2008 2:23 am  
so how long should I wait to know fireyone, will they send a letter or something, I haven't heard a yes or no yet.
_________________
Goodnatured,

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



Joined: 26 Feb 2008
fireyone's page
Posts: 2856



1907 Magic Points
 
 Posted on Tue Sep 02, 2008 9:53 pm  
Usually if you get approved it will tell you right off..not all the time but most. It usually only takes a couple weeks to get something in the mail. We use to get a message up on our screen at work that would say "notify by mail"...we would tell the customer that. When they came back in again they usually told us they were turned down or only got like a small (300) credit limit.
 
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