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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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creditpro



Joined: 16 Oct 2008
creditpro's page
Posts: 21
Location: San Diego, CA


1195 Magic Points
Subject: Increase FICO Score Fast
 
 Posted on Thu Oct 16, 2008 1:59 am  
You want to pay down the balance gradually. You do not want to pay it off in full. You want to show the scoring module that you're a resposible consumer in paying back debt. Technically you want your balances at 30% of the credit limit to show good debt to credit ratios.

I used this to increase my credit scores pretty quick
www.AttractiveCreditSecrets.com
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3235



2257 Magic Points
 
 Posted on Sun Nov 09, 2008 2:16 am  
great advice there creditpro, if you have no balance hanging then you will not have a payment history to establish either.
_________________
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: 3249



1340 Magic Points
 
 Posted on Sun Nov 09, 2008 12:26 pm  
So we probaly just blew it (even though credit is good) when we paid off Lowes in one lump sum. We had been making regular monthly payments for about a year and when we went to get the bank to take over the amount we just had the check made out to Lowes. I thought about doing it a different way and dividing it between the months but with winter and Christmas around the corner I was afraid it would be too tepting to put it in the wrong place.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3235



2257 Magic Points
 
 Posted on Sun Nov 09, 2008 4:01 pm  
You probably made a wise decision if you think you would have spent it on other things instead of paying off lowes, at least you got it done.
_________________
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: 3249



1340 Magic Points
 
 Posted on Sun Nov 09, 2008 11:19 pm  
Yes thats what I believe too especially as tight as things are at this point. They wise thing always isn't the best thing in these cases.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3235



2257 Magic Points
 
 Posted on Mon Nov 17, 2008 3:38 am  
true, but at least you have one out of the way
_________________
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: 3249



1340 Magic Points
 
 Posted on Mon Nov 17, 2008 7:55 pm  
Yes and a couple more to go. I do not really consider it out of the way because it is a bank loan and we make monthly payments on it. Even though the payment id under $200 it still can add some hard times when the paycheck runs lwser due to Holidays and other things. I would just like to have them all gone and wow that woudl really save me each month. It didn't get tight until all these prices went throught the roof.
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 3249



1340 Magic Points
 
 Posted on Wed Nov 19, 2008 12:11 am  
Take it that you just wanted to vote. I welcomed you aboard on another post. Hope you see it and sick around the community. Always nice to have a fresh view.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3235



2257 Magic Points
 
 Posted on Sun Nov 23, 2008 6:01 am  
I agree always good to see new people and have a fresh point of view on things, seems we run in circles sometimes.
_________________
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: 3249



1340 Magic Points
 
 Posted on Sun Nov 23, 2008 2:46 pm  
If I were ot runnung in circles I wouldn't know what to do. Did you find that post I told you about where the guy really needed the help on a summons answer here in PA? I was hoping you could guide him through the process.
 
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Quick poll
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