Credit Score?!?
I paid 50% of my high balance ($1200-$600) off on my credit card. In one months time, how many points could my credit score go up by paying off 50% of it?
Public Comments
- Each person's credit score is made up a bunch of different factors. So if you have one credit card or five affects the impact of paying off credit on one credit card... thus, it's hard to give you a specific answer with regard to points. Also, paying something off doesn't have an impact on your credit score quite so fast... it usually takes a couple months for your hard work to show up in your credit score. Have patience. Suze Orman has compiled a bunch of debt-related info on her site. It'll help you see what to be concerned about and what not to be concerned about. Link below. I would also suggest getting your credit score from a company that also lets you do a credit simulation, where you can play with factors in your credit to see what works and what doesn't to bring up your credit score. Some things work better than others. I can't remember which of the three main credit score/credit report companies offer this.
- if you only paid half its not going to change very much if any....the only way your credit will go up is if you pay everything on time...
- By paying off much of your balance you lower the difference between the amount you owe and the credit limit on your card. This is good. The higher the difference, the better your score. However, it may take months for it to have an impact on your score. The credit agency wants to see a long-term trend of low balances, not just a one-month improvement. They know you could go out and build up big charges again overnight. The important thing to realize is that credit scores are about short-term negatives and long-term positives. It's takes much less time to damage your score than to improve or recover it.
- critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one. 1. Re-payment history This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score. 2. Outstanding debt The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is 30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum. 3. Length of your established credit history The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score. Read more about it at: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score
- I have been working with someone on my credit report, and if they are credit cards it is better to make two large payments rather than once. They want to see that you are making an effort and not just came into all of this money and made a payment. I did that when I had some money and was screwed by about 50 points....my advise to you pay off half this month and half next....so instead of paying 600 this month pay 300 and then 300 next.....it can go up almost 40 points
- Having a good credit rating, helps a consumer get a loan or credit at better rates and for larger amounts.To know "How to improve credit rating, credit score" plz follow link- http://www.acreditlibrary.com/improvecredit.html
