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Additional Details
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Mikey | Does paying off credit card balance in full hurt or help credit score? |
I have my credit account set up to take the full amount of the the credit balance directly out of my checking on the 28th of each month. I have read many different things about building a good credit score. Does paying off the full amount of my credit balance at the end of each month help or hurt my credit score? (any other ways to build a good credit score for a person who just got their first credit card would be helpful too, thanks) |
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1 Hr Bookkeeper
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It actually helps. Check out the two websites below to see how you can improve your credit score.
Basically, the fewer credit inquiries (aka applications) the better. The longer the credit history, the better. The more credit you have available to you versus the amount of credit you have, the better. The more varied types of credit you have (aka home loans, car loans, credit cars, business lines of credit, etc), the better.
Hope this helps. |
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kate V
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yes that's one way of building a good credit score, also you won't have to pay % fees to the bank if you pay the whole amount. If you keep paying it off like this your credit score will improve quickly and soon you can get better credit card offers. |
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kaadish
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It helps it. Paying off a credit card in full that has gone past due and into collections actually hurts your score. Keep up the good work. |
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prettygal32002
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yes it hurts, my purse..lol
na its a good way to keep up ur credit score..
keep up the payments
apply for other stuff aswell that will boost it too, the more credit u got and controlling it the higher the score ur get..
merry xmas! |
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abel jarrod
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The following 5 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 from: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score |
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Tim T
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Paying off your balance each month will help your credit score and keep you out of debt, but it's OK to have a small balance. Just keep it under 20% of your available credit. |
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tw158
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If anything, it will help your score by improving your debt-used-to-credit-available ratio.
Ways to improve your score:
- Use as little of your credit line as possible on a revolving basis (i.e. pay balances in full when possible)
- Make ALL payments on time
- Don't ever go over your credit limit
- Apply for new accounts in moderation but have more than one |
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Your #1 fan
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It helps to pay in full and it hurts to revolve debt because most people add to it thus creating a higher income to debt ratio. If you buy some thing for $500 and need 2 months to pay it off, do so before you add on more bills. |
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djasking
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It depends on the situation, but overall it will have a limited impact on your score compared to the length and quality of your payment history. Two of the relevent factors included in the score are the balance compared to the credit limit, and the total amount of credit available. The first is concerned with whether you have maxed out or near maxed out cards, you shouldn't. The second watches the total amount of credit available, and it generally shouldn't be more than you need. Don't sign up for a card at every store you shop at just because it gets you 10% off your purchase. But also don't panic and cancel cards or reduce limits, it helps to have those old accounts (longer history), and it could affect your outstanding balance to limit (the first factor mentioned). The overall available credit has a limited impact on your score, but it is important to keep in mind and a good reason not to open promotional cards.
I am not sure if this directly answered your question, but my advice is to pay off the card as you are. You won't pay unnecessary interest or fees, and it keeps you from getting into credit trouble (it is surprising how easy it can happen). You have nothing meaningful to gain by maintaining a balance on the card.
As far as other ways to improve your score, the most important thing is staying current and keep your accounts open long term. Since this is your first card, I assume you are youngerish, get more of your accounts in your name if possible, utilities, cell phone, car loan. I am not sure what other credit you have, but having just gotten your first card you are well on your way. Stay on top of it for a couple of years and you will have a decent credit score (say 720 - 750), then you may be looking to add a car loan, mortgage, etc. and will have the chance to get an excellent score in no time. |
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MSAD
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I think it helps your FICO score.
Your FICO considers the amount of your balance to your available credit. A zero balance to the available credit shows you are responsible. However, some credit card companies may not want to give you a card b/c you don't carry a balance- and they want you to carry a balance b/c they make money off interest.
Pay your bills on time. This can have a big impact on your credit score. |
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