Credit score improvement - Is it best to...?
1. pay off debt and keep accounts opened 2. pay debt down (credit cards), and have a small balance on them I had never been late on a credit card until about 3 months ago. Selling home took much longer than I had hoped. Now, I have a couple of credit cards reported as late. What is the best way to improve my score? I know the usual paying on time and keeping balances low, but as I'm coming into some money now (finally sold my house), should I pay off debts or pay them down? How long will it take to improve my score?
Public Comments
- You should pay down your debt and not close your accounts. The longer you leave it open and small balance, the better your credit score. It takes a few months to improve.
- number 1 == pay off debt and keep account opened!!!
