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asked: Which one will increase FICO faster-Pay credit card balance in FULL OR leaving some balance behind?
| Pay credit card balance in full |
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8 |
| Pay credit card balance in several months |
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14 |
| Total Votes |
22 |
| Please login to cast your vote. |
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winnable
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Subject: Millennium Secured Credit Card
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Tue May 26, 2009 5:57 pm
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Hi,
[System detected duplicate content,converted into image.Thanks] |
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James Orr
Joined: 07 Jun 2009
JamesOrr's page
Posts: 45
Location: Maharashtra
186 Magic Points
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Sun Jul 05, 2009 12:30 pm
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Hi Guys,
This is James Orr.
as far as i know, if we making credit card bill payment before due date it will be most important thing in our fico score improvement. So do not make late payment it will harm to your fico score as well as you must have to pay late payment Penalties. So avoid late payments.
There is one more option to improve credit score faster, Use secure credit card it will definitely help you to improve your score as well as its very secure to use by his name " Secure Credit Card".You must have to pay few annual fees for secure credit card but it will help you.
Thanks & Regards.
_______________________________________________________
Secure card will help you to improve credit score faster. |
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Kermit
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Subject: Credit Score
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Wed Jul 29, 2009 12:10 am
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| Is it better to have a car loan or show that you have paid it off to improve your credit score? |
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JOANNE
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Subject: PAYING OFF CARDS
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Mon Aug 10, 2009 10:09 pm
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| ACTUALLY, WHAT I DID WAS PAID OFF ALL MY CREDIT CARDS IN FULL.... MY SCORE BUMPED UP TO 91 PTS. IN 2 MONTHS. |
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James Orr
Joined: 07 Jun 2009
JamesOrr's page
Posts: 45
Location: Maharashtra
186 Magic Points
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Thu Aug 27, 2009 10:26 am
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| I think we have to make full payments of our credit at onetime. It will help us to improve credit score because its effects on our credit report. |
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mikegw
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Subject: Paying off credit cards months
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Sat Sep 12, 2009 4:06 pm
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| While my credit score is excellent, all three credit reporting agencies mark as a negative that all credit card balances are paid full and on time EVERY month. No balance is ever carried over. Credit cards are used fairly heavily for most routine living expenses. Why is this a negative when logic indicates it should be a positive? |
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Arya
Joined: 19 Aug 2009
Arya's page
Posts: 43
144 Magic Points
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Sun Sep 13, 2009 9:57 am
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| I think regular payment of debt will increase credit faster.And also credit card payment in regular interval will help for faster credit improvement. |
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sunnyca
Joined: 10 Sep 2009
sunnyca's page
Posts: 150
950 Magic Points
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Mon Sep 21, 2009 5:38 am
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| pay in full on most of yoru cards and only pay one card on the due date that can really help, that will show that you are really useing very less of what you have been allocated |
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lea
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Subject: paying credit card
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Mon Oct 19, 2009 9:06 pm
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If you pay off your credit card your not supposed to close it
but keep it open to allow your score to rise. It should improve if you pay every month and dont be late as the credit card may not be the only bill that is raised your insurance is affected and possible mortgage payments possibly pay higher amounts. |
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marcusandila
Joined: 27 Oct 2009
marcusandila's page
Posts: 106
2299 Magic Points
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Thu Oct 29, 2009 10:53 pm
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Winnable,
Thank you so much for posting that! Seriously, I am on this forum for a few reasons.
1. Trying to pay off debt and get finances/budget under control.
2. Build bf's credit score from bankruptcy.
3. Build up my credit score again.
Your post is really great in my opinion. I am going to show it to my bf so that we can make some decisions. I think it will really help build up his credit.
As far as the main question was concerned. I was wondering about it too. My research has found that:
1. Paying off debt in full is good, but you dont establish credit history & it can be "negative" because you have "$$ to spend" if something comes up or you just decide to go on a shopping spree or something.
2. Paying off credit card balances over time establishes credit history, but then creditors think you dont have the finances to pay your debts in full.
It's a lose-lose scenario. I suppose its just a personal choice. |
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interstudy
Joined: 14 Nov 2009
interstudy's page
Posts: 6
112 Magic Points
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Sat Nov 14, 2009 2:52 am
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In order for your score to increase faster, you need to show that you are using your credit wisely, not abusing it. So your have to find a balance, not maxing it out and not using it at all. One of the factors that are used to calculate your score is your available credit to how much your using ratio. If you have $1000 worth of credit, and you are consistantly using $999, then you are not leaving any available. Having a $1000 credit and using $200 and paying on time is much better.
_________________
Learn How To Live With Your Bad Credit
http://badcreditanddebt.blogspot.com/ |
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RAZOR
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Subject: CREDIT CARD
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Wed Nov 18, 2009 3:30 pm
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| I apply for a construction loan and and my score 2 points short, I have credit card that I have a 900 dollar limit and it was at 735. I paid it down right away to a 208 dollars to put me under 30% will this raise my score. I do not have any other balances above 30%. ps I have had the card 4 years. |
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