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Kaylaaa | Credit question? |
I Just paid off 2 credit cards on my credit report. When I called them, I asked if it will make my score go up(I would think paying off debt is a good thing) The lady at Equifax told me that they have to recalculate the report so she basically could say that it could make it go up or down…I’m just wondering why it would make it go down….does that make sense?
Thanks |
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Hez
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Because its always good to have some balance on credit cards..they like to see that you pay them but they also like to see that theyre making interest off of you by you keeping some balance. Basically it looks bad to future loans and what not because they want to make more money off of you! |
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mr_crankypants
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The lady at equifax simply refused to answer your question. She knows, we don't. |
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donsabe
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To some extent your credit rating is affected by how much potential profit you are to lenders. For example: never having debt means you have no score.
There are too many variables that go into the scoring for the person to give you an exact answer.
To be fully informed on credit an your rights visit the Federal Trade commissions web site. |
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Studly
 |
The previous answers are all correct......
Assuming that you are talking about paying off credit cards that are not already overdue. Then you have a differant situation.
Late payments and defaults are going to be reflected on your credit report. Paying off the debt does NOT remove those negative entries. You will need to find a way to get the creditor to change/remove the listing if you want to improve your score.
Unfortunately, now that you have paid them the money, you will find they will not be very coopertive in helping you fix your credit. YOu should have gotten a written agreement first. |
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island_hopper2
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It will make your score go up...in time, so long as you paid them off on time. Wait a couple of months and then have your score checked again.
PS. Don't close out these accounts even if they are paid off, just don't use them. That will also help your score because you have available credit that is unused. Good Luck! |
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extra_37
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She is hedging her answer. If nothing else changed on your report, it would make it go up. But if you paid them off and then cancelled them, it could go down, because now you have LESS credit. Also if you have some payments that are 30 days late could make it go down. Ideally, don't max out your cards but keep them to a max of 60% of your limit. Make regular payments on-time. Good luck. |
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Rob
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i'm sure that your score is determined by the company doing the search, Credit reference agencies only hold the information, each company is different in the way it uses the information |
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Jacque w
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The lady at equifax cannot accurately determine what is going to happen to your score.
I spent 5 years building my credit and just bought my first home. My score started at 630. after 4 years of paying every credit card off every month I moved to 645. So a credit provider I use gave me some advice, build up a balance and pay it down. It got me to 665 in a few months, but you have to use less then 40% of your available balance. Then I was at near 695 and paid off my car loan of $14,000. 1 month later pulled my credit for my home loan and my score was 667 "Lack of recent installment loan information was the reason! ( 1 month after I pay my car off).
Here is the real deal about scores. Don't worry about your fico score unless you are applying for;
Mortgage Loan- Above 720 gets the best rate, above 680 gets the next best rate.
Auto Loan- 700 is all you need for the special offers of low interest.
Credit card companies look at your repayment history, and approve you for a certain amount. After established on time payment on those cards, they increase your spending limit but never really extend better offers on the interest rates. |
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blink182
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if you paid it off and canceled the card it will make it go down but if you left it open it woud make it go up--makes no sense but thats how it works |
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london_grown_lily
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Creditors love it when your in debt!
So well done for paying your credit cards off, but if I was you, you should buy 1 thing a month on it, even if its only ÂŁ20/$20 then pay it as soon as your statement comes through! |
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