Posted on: 22nd Jul, 2009 07:12 pm
Does paying off the entire balance at the end of the month good? Does it help raise your fico?
Hi, Yes this does help our your score and actually increases your score over time by doing this as it shows your responsible and keeps your balance to credit limit low.
their is a due date for repayment of your credit it may varies from 30 days to 45 days. so pay your dues before the date, it will help you to maintain your credit scores
i think this is not a simple question and it all depends. Of course, if you have the ability ,pay in full is a good idea. But how about you do not have that much money to pay in full? Can you just pay the minimum amount and pay in full before it is all due? I have once read a book telling that the best debt/credit limit ratio is no more than 30%. This means as long as you keep your debt below 30% of your total credit limit on this card, that will be fine. Is that true?
Paying on time always helps... however keeping a small balance will usually increase your score faster than always paying off in full.
cardriver999
Welcoem to the forum
Paying off every month would be the best practise and will help you to improve the score.
Other option woudl be paying off before the statement clsoign would help more
Some of the things which affects your credit score:
35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit
Good luck and feel free to ask
Welcoem to the forum
Paying off every month would be the best practise and will help you to improve the score.
Other option woudl be paying off before the statement clsoign would help more
Some of the things which affects your credit score:
35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit
Good luck and feel free to ask