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If I were ot runnung in circles I wouldn't know what to do

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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% 
 8 
Best way to pay off credit cards- in installments
66% 66% 
 16 
Total Votes 24
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creditpro



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


1255 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
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Posts: 3931



543 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.
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fireyone



Joined: 26 Feb 2008
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Posts: 4246



132 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
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543 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.
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Goodnatured,
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for all the ways I make $$ online
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fireyone



Joined: 26 Feb 2008
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Posts: 4246



132 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
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Posts: 3931



543 Magic Points

 
Posted on Mon Nov 17, 2008 3:38 am  

true, but at least you have one out of the way
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online
http://www.crazymonkeygold.com/members/register.php?ref=fedupinpa
fireyone



Joined: 26 Feb 2008
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Posts: 4246



132 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
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Posts: 4246



132 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
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Posts: 3931



543 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.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online
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fireyone



Joined: 26 Feb 2008
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Posts: 4246



132 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.
kaska



Joined: 02 Feb 2009
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Posts: 2



55 Magic Points

Subject: Which one will increase FICO faster-Pay credit card balance
 
Posted on Mon Feb 02, 2009 9:54 pm  

just a guess
Mary

Mary

Joined: 06 Jul 2006
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Posts: 684



17426 Magic Points

 
Posted on Tue Feb 03, 2009 10:10 am  

Your FICO score depends on 5 factors - credit history, amounts owed, length of the credit history, new credit and types of credit used. Of these credit history contributes the most in your FICO score and so you should take steps to build up a good credit history if you wish to improve your credit score. Credit history contributes 35% and the amounts owed contributes 30% in your score and so apart from your credit score, you should also make sure that you do not exhaust more than 30% of your credit limit.
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naomi



Joined: 14 Feb 2009
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Posts: 9



346 Magic Points

Subject: Which one will increase FICO faster-Pay credit card balance
 
Posted on Mon Feb 16, 2009 1:32 am  

it would be best if you pay your balance in full as this will reflect in your credit report,.,remember that your score is dependent in your credit report and whatever is in your credit report will have an effect in your credit rating. if you are able to pay your debt on time it means to say that you are responsible enough in managing your debt. On the other hand, if you are not able to pay them in full, make sure that you keep your balances as low as possible. Remember that your debt to credit ratio is heavily considered in calculating your FICO score. Smile
Bart



Joined: 17 Feb 2009
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Posts: 3



150 Magic Points

Subject: Which one will increase FICO faster-Pay credit card balance
 
Posted on Tue Feb 17, 2009 8:20 pm  

I have heard that paying a number of credit cards off in full at once is actually viewed as a negative. As I spend more and more time on cleaning up my credit it seems that anything that strikes you as a "good" thing (i.e. paying off you debt in full) is somehow determined to be a bad thing (i.e. your score goes down). Because of this, and because my initial reaction was to pay it off all at once, I am sure that paying it off over a few months will be the correct answer.
scott

scott

Joined: 28 Jun 2006
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Posts: 446



10890 Magic Points

 
Posted on Wed Feb 18, 2009 12:39 pm  

Paying off a debt never reduces your credit score. If you pay off your debt, the "amounts owed" factor which contributes about 30% on your score improves and your score increases. Moreover, when you pay off your outstanding debt within the due date, you credit history also improves and so credit score also improves.

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