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Can paying off credit card balances hurt your credit?

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Answered 2007-07-06 03:29:43

paying off no, closing the account yes. 6,000 owed/10,000 credit limit =60% of credit used
2,000 owed/3,000 credit limit=66% of credit used=lower fico

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How can the frequency of paying your credit card bill hurt you?

The frequency of paying your credit card bill can hurt you in a number of ways. If you keep missing bills, pay late, or default, other lenders will not look upon you favorably, getting you worse rates in the future.

Can opening and closing credit cards hurt your credit rating?

NO! Not if you have paid the credit off before you get another one. Or if you are paying one credit card off with another, you can only do that so much befor it will hurt your cerdit.

If your credit card balance is close to your credit limit does that hurt your credit score?

ANSWER Paying your debts in a timely manner doesn't give your credit score best results !!!! Crazy isn't it ! This is called your balance-to-limit-ratio and counts for 30% of your credit score. In order to get best result you have to keep your balances at least 70% away from your limits.

Can paying your credit card balance early hurt your credit score?

It shouldn't ! Paying off your balance early shows you're in good control of your finances - and can budget your bills based on your disposable income !

Does maintaining a zero balance on your credit card hurt your credit score?

If you are charging and paying it off each month then it helps. If you never use the card then it really doesn't do much either way.

Will paying off a debt in collections hurt your credit?

AnswerPaying of your debt in collection will hurt your credit score as it will show that your payment is not of the required amount and not in time.

How may a credit card negatively impact an individual credit history?

A credit card may negatively impact a credit history in a few ways. 1. Paying your credit card late will hurt your credit. 2. Keeping a high balance on your credit cards will lower a credit score. 3. Going over the credit limit will negatively impact your credit score.

Can paying off your credit card balance in full every month hurt your credit?

Your credit report, credit rating and credit scores do not reflect any difference in paying the full amount on a credit card account or paying the minimum amount. What is tracked and recorded on your credit report is whether or not you pay the account ON TIME. It is a completely different factor to your "bottom line" in the amount of interest you pay. so consider all the facts before you decide how much to send in.

Does a credit card with a high credit limit adversely affect your credit score?

It will depend on the way you use your credit card. Having and using a credit card wisely can be beneficial to your credit rating. Financial experts recommend keeping your account balances less than 50% of your available credit. It shows that you have the ability to pay back your debt. However, if you're constantly applying for new credit cards, it can hurt your rating.

When paying off a credit card does it hurt to do a settlement exception?

Yes, they will note on your report that this debt was "settled" This does not affect credit score but will catch the eye of any lenders looking at your report.

Does it hurt your credit score to apply for a credit card then not accept it?


Will canceling your credit card hurt your credit?

Most likely it will. The credit agencies may not know whether you cancelled your account, or if it was taken away from you by the credit card company. If you are concerned about your credit score, then having 2 to 3 credit cards will generally raise your score, as it demonstrates that each credit card company believes you to be capable of paying their credit card bills. Only use those credit cards enough times a year that they will not be canceled due to non-use.

How can one go about building their credit score?

Opening a bank account can help your credit score, as can paying bills on time and getting a secured credit card. Retailer credit cards also help a credit score and having a good job can't hurt.

Can i apply for credit card if you have paid collection account on your history?

Yes. They will also consider how much debt your currently have and how you are paying your other current obligations as well. Just having a past paid collection will not hurt your chances in getting a credit card.

Is eliminating a credit card bad for your credit?

Yes. Eliminating a card will hurt your credit, not help it. If you have to get rid of a card, cut it up and stop using it, but don't cancel it.

If you close a credit card will it hurt your credit?

It will not affect your credit if you pay off the balance when you close the account.

Does it hurt your credit if a credit card company closes your acouunt because you aren't using the credit card?

No. It will show on a credit report as an account closed due to inactivity. It has no effect on your credit score.

Does canceling a new credit card hurt your credit score?

Canceling your card can hurt your credit score..... SORRY!! You should not cancel even if you intend not to use it. One credit secret is the more available credit not in use the better you look. I.E. percentage of revolving debt compared to available-it helps reduce that and increase your number.

If authorized user on credit card claims bankruptcy will it hurt primary card holder's credit?

No, presuming the credit card holder makes all the payments he is supposed to...the user is not liable for the debt on the card, and it is not part of his BK.

Say I make a purchase at a store and later on have to return the item. Does it hurt my credit if I return the purchased item Does it matter if money is credited on card or returned in cashstore cr?

No, it does not hurt your credit. No, it doesnt matter, when you return an item that you purchased on credit, they ask for your card and return the money onto your credit card!

Do bad credit payday loans further hurt your credit score?

They could further hurt you credit score. You will pay a higher interest rate which makes paying the payment that much harder which puts your credit even lower.

Does opening a credit card hurt your credit score?

Actually, it does. It uses the available credit you have so when that goes down the credit score does too.

Can your credit be damaged by paying less than what is due on time?

Absolutely. It won't be hurt as badly as not paying, but your credit report usually shows a status that reads "pays as agreed." If you're paying less than the minimum amount due each month, you're not paying as agreed and your credit can get dinged.

Can business credit card debt affect my personal credit card balance?

A business credit card debt can affect someone's personal credit card rating. A credit report for an individual is processed by activity of one's overall credit. This means that having debt for a business credit card can hurt a person's chances of receiving lower interest for a home finance loan.

Does credit card consolidation show up on my credit report?

Yes, credit card consolidation will affect your credit score. It will show on your credit report for at least five years, it doesn't hurt as bad as bankruptcy however.