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If you had approx 3300 in credit card debt and you just paid off about 2500 and will pay off the rest soon how will this help your score if it is miserable now?
Wiki User
∙ 18y ago
you credit score is based in approx 4 different criteria. Length of history, inquiries, debt ratio, and past credit. if you paid off large portion of revolving credit, then this is good for you and scores should go up. remember you always want to keep approx 30-50 % of revolving credit in use and making monthly payments on- this builds credit. However, you must look at the effect of this payment in terms of total revolving debt available and in use. charge accounts, credit cards, car loans and mortgages add up in terms of what you owe. revolving accounts are just one part of this equation.
Wiki User
∙ 18y ago
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Does increasing the limits on a credit card hurt your credit score?
There is no definitive answer to questions about credit scoring. The computations used to determine any individuals' credit score is emphirical, complex and relates to all the information reported on them. Two factors which can impact credit scoring are inquiries and the proportion of money owed to credit available (credit limit). Generally, your credit card company does periodic inquiries anyway and would, most likely, do one in conjunction with a credit limit increase. This MIGHT negatively impact your score. If increasing your credit limit causes your proportional debt to decrease, this MIGHT increase your score. Once again, any change in the calculation would factor in all the information reporting on you at the time. The initial request for additional credit may temporarily lower your credit score, but having more available credit can actually improve your score, as it makes is easier to maintain a 30% (or less) usage of available credit. For example, let's say you have a $5000 credit limit among all of your credit cards and you owe $2500 on all of the cards combined. You are using 50% of your available credit. But if you get your credit limit raised on one card so that you now have $10000 in available credit, you're now using 25% of your available credit, even though you still owe the same amount of money ($2500 in charges with a $10000 limit = 25% credit usage). So, you're below the 30% threshold that the FICO people like to see, which gives the impression that you know how to manage money and live within your means.
If you have about 2500 owed on a car loan will paying off the auto loan early improve your credit score?
If the previous payments have been paid on due dates and not late. Paying each note on time is the greatest factor in credit scores. No, do not pay it off early. It looks better on your credit score if you pay it off by the deadline. Tip: Always pay a little more than the minimum payment.
Will continuing to transfer balances to new credit cards when the 0 percent apr expires affect your credit?
The interest rate, payment amount, items purchased, transfers are among factors which have no bearing on your credit. These things may affect your bottom line, but your credit score reflects other activities. For instance, opening a new credit card would generate an inquiry which MAY impact your score. Having a new account MAY impact your score. The proportionate balance on the new account MAY impact the score, (ie., you transfer a $2000 balance from an account with a $10,000 credit limit to an account with a $2500 limit). All of the factors, including what you are paying in interest rates, transfer fees and how this activity affects your credit need to be taken into consideration before you open a new account.
Chloe has a 2500 credit limit on her credit card and has charged 1295.19 to her account There is a 1.5 percent finance on the 1295.19 How much must Chloe pay the clear her account?
1314.62
Chloe has a 2500 credit limit on her credit card and has charged 1295.19 to her account There is a 1.5 percent finance charge on the 1295.19 How much must Chloe pay to clear her account?
1314.62
How much does a 2500 surety bond cost?
Surety Bonds are all based off your individual credit score. So, if you have good credit then your rate will be lower vs. someone who has bad credit.
How much does 2500 mg equal in pounds?
2500 mg = 0.0055 pounds, approx.
Does increasing the limits on a credit card hurt your credit score?
There is no definitive answer to questions about credit scoring. The computations used to determine any individuals' credit score is emphirical, complex and relates to all the information reported on them. Two factors which can impact credit scoring are inquiries and the proportion of money owed to credit available (credit limit). Generally, your credit card company does periodic inquiries anyway and would, most likely, do one in conjunction with a credit limit increase. This MIGHT negatively impact your score. If increasing your credit limit causes your proportional debt to decrease, this MIGHT increase your score. Once again, any change in the calculation would factor in all the information reporting on you at the time. The initial request for additional credit may temporarily lower your credit score, but having more available credit can actually improve your score, as it makes is easier to maintain a 30% (or less) usage of available credit. For example, let's say you have a $5000 credit limit among all of your credit cards and you owe $2500 on all of the cards combined. You are using 50% of your available credit. But if you get your credit limit raised on one card so that you now have $10000 in available credit, you're now using 25% of your available credit, even though you still owe the same amount of money ($2500 in charges with a $10000 limit = 25% credit usage). So, you're below the 30% threshold that the FICO people like to see, which gives the impression that you know how to manage money and live within your means.
Paid rs 2500 for modification of vehicle pass journal entry?
[Debit] repair and maintenance 2500 Credit Cash 2500
If you have about 2500 owed on a car loan will paying off the auto loan early improve your credit score?
If the previous payments have been paid on due dates and not late. Paying each note on time is the greatest factor in credit scores. No, do not pay it off early. It looks better on your credit score if you pay it off by the deadline. Tip: Always pay a little more than the minimum payment.
What is the distance from New York city to Carmel California?
Approx. 2500 miles.
How much is 2500 lbs of US nickels in dollars?
Approx USD 2268.
How much does a Wilson guitar cost in India?
It can be approx 2500-3000 rs.
How do you take out percentage of a value in math?
Just multiply the value by 100 and you'll get the percentage . For eg, For taking out percentage of score=25/30 We multiply it by 100 and solve 25*100/30 2500/30 =83.34% approx.
What score do you need to get a gold award on pro football on miniclip?
2500
How much oil in a 2001 dodge 2500 5 speed transmission?
Approx 4.5 quarts.Approx 4.5 quarts.
Will continuing to transfer balances to new credit cards when the 0 percent apr expires affect your credit?
The interest rate, payment amount, items purchased, transfers are among factors which have no bearing on your credit. These things may affect your bottom line, but your credit score reflects other activities. For instance, opening a new credit card would generate an inquiry which MAY impact your score. Having a new account MAY impact your score. The proportionate balance on the new account MAY impact the score, (ie., you transfer a $2000 balance from an account with a $10,000 credit limit to an account with a $2500 limit). All of the factors, including what you are paying in interest rates, transfer fees and how this activity affects your credit need to be taken into consideration before you open a new account.
