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will paying off closed credit card help my credit score

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jamielynnbonifant

Joined: 21 Sep 2009
jamielynnbonifant's page
Posts: 1

32 Magic Points

Subject: will paying off closed credit card help my credit score

Mon Sep 21, 2009 3:21 pm

Me and my husband are wanting to by a house our credit score is 630 and we want to get it to 650 but we put our credit cards in cccs a year ago so all our accounts were closed we only have one card left to pay off and is balance is 2200 and it did have a 2300 credit limit before it was closed My question is will paying off this card help our credit score?

James Orr

James Orr

Joined: 07 Jun 2009
JamesOrr's page
Posts: 45
Location: Maharashtra

186 Magic Points

Tue Sep 22, 2009 5:17 am

Hi jamielynnbonifant,

Always Close your credit card account after pay off it, otherviz i will effect badly on your credit score. As far as i know closing of paid credit card accounts will increase credit score with few points.

630 credit score is enough to get home loan, If you meets to other requirements of loan then you may apply for FHA loan (Federal Housing Administration).

Thanks & Regadrs.
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carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1308

28489 Magic Points

Tue Sep 22, 2009 5:18 am

Hi jamielynnbonifant,

Quote:

My question is will paying off this card help our credit score?

Yes of course it will. The best way to improve your credit score is to be regular on your payments and most importantly pay off a debt. So, pay off the debt and see a steady rise in your score.
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Carol

Justin

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1093

25288 Magic Points

Tue Sep 22, 2009 7:24 am

Hi jamielynnbonifant,

Yes, it will definitely be helpful for you to pay off your debt. Your credit score will increase considerably after you do it. It always helps to be regular in paying off the credit card bills.
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Justin

sunnyca

Joined: 10 Sep 2009
sunnyca's page
Posts: 150

950 Magic Points

Wed Sep 23, 2009 5:40 am

Any debt you owe if you clear it off it will have positive effects on your credit report

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