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Best way to pay off credit cards and increase credit score

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asked: Paying off credit cards in full or in several months-which one will increase credit score fast?
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Best way to pay off credit cards- in full payment
33% 33% 
Best way to pay off credit cards- in installments
66% 66% 
Total Votes 24
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James Orr

James Orr

Joined: 07 Jun 2009
JamesOrr's page
Posts: 52
Location: Maharashtra

293 Magic Points

Posted on Sun Jul 05, 2009 12:30 pm  

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.

Subject: Credit Score
Posted on Wed Jul 29, 2009 12:10 am  

Is it better to have a car loan or show that you have paid it off to improve your credit score?

Posted on Mon Aug 10, 2009 10:09 pm  

James Orr

James Orr

Joined: 07 Jun 2009
JamesOrr's page
Posts: 52
Location: Maharashtra

293 Magic Points

Posted on Thu Aug 27, 2009 10:26 am  

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.

Subject: Paying off credit cards months
Posted on Sat Sep 12, 2009 4:06 pm  

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?

Joined: 19 Aug 2009
Arya's page
Posts: 45

1210 Magic Points

Posted on Sun Sep 13, 2009 9:57 am  

I think regular payment of debt will increase credit faster.And also credit card payment in regular interval will help for faster credit improvement.

Joined: 10 Sep 2009
sunnyca's page
Posts: 148

955 Magic Points

Posted on Mon Sep 21, 2009 5:38 am  

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

Subject: paying credit card
Posted on Mon Oct 19, 2009 9:06 pm  

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.

Joined: 27 Oct 2009
marcusandila's page
Posts: 133

3037 Magic Points

Posted on Thu Oct 29, 2009 10:53 pm  


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.

Joined: 14 Nov 2009
interstudy's page
Posts: 6

112 Magic Points

Posted on Sat Nov 14, 2009 2:52 am  

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

Posted on Wed Nov 18, 2009 3:30 pm  

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.

Joined: 29 Sep 2009
simpletruth's page
Posts: 34

13 Magic Points

Posted on Tue Dec 08, 2009 8:38 pm  

I think it's always better to pay over several months, at the same time every month, to establish that you are a good risk. However I was wondering why if you pay a crediter off why is it a bad idea to cancel the card. I thought too much available credit was bad. Especially if your available credit was more than your available income.

Joined: 27 Oct 2009
marcusandila's page
Posts: 133

3037 Magic Points

Posted on Thu Jan 14, 2010 9:07 pm  

simpletruth, im wondering that too. i guess its because now you dont have that "available" credit anymore. maybe its considered a "bad risk"? I dont know. I closed one account because they were just a horrible company to hold a card with & it caused a snowball effect with other creditors. They started raising my interest rates, one lowered my credit limit, another closed my account through them.

It's really weird to me. Really confusing. I guess unless we dont work in that industry, we arent going to know.

Subject: In full or small payments
Posted on Tue Feb 02, 2010 1:11 am  

I have never left a balance open on a credit card (I always pay in full at the end of the month), and in just over a year my credit score went from non-existent to 714. You do not have to leave a balance on your card to build credit, just don't put more than 40 - 50% of your limit on the card. This will hurt you. And yes, do not close an account either, this will hurt you worse.

Subject: will my credit score go up immediately if I pay my credit ca
Posted on Thu Apr 22, 2010 11:52 am  

We are trying to purchase a home, the lender said to pay each one down to half of what we owe on each..but we have the money to pay all them off now, will this help so we can purchase this home now?

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