No
The most important factor in a credit score is paying one's bills on time. Any late payment lowers the credit score, but a higher ratio of on-time payments will raise it. Paying down some debt will also raise the ratio of available credit and raise the credit score.
Paying a debt on time improves your credit score if you had previously not been paying on time (or not at all!)
Not necessarily
things that raise your credit score are , having major cards open more than 3 years, and showing good standing with that creditor. you dont have to use a credit card to show good standing. yes paying off high dept will raise your score. and having too much on your cards even if you pay on time will lower it.
You can take steps to improve your credit score. The number of variables that play into an individual score. Tips on how to raise your credit score and manage credit responsibly, including paying bills on time, paying off debt, and managing credit history.
The most important factor in a credit score is paying one's bills on time. Any late payment lowers the credit score, but a higher ratio of on-time payments will raise it. Paying down some debt will also raise the ratio of available credit and raise the credit score.
Paying a debt on time improves your credit score if you had previously not been paying on time (or not at all!)
Not necessarily
things that raise your credit score are , having major cards open more than 3 years, and showing good standing with that creditor. you dont have to use a credit card to show good standing. yes paying off high dept will raise your score. and having too much on your cards even if you pay on time will lower it.
You can take steps to improve your credit score. The number of variables that play into an individual score. Tips on how to raise your credit score and manage credit responsibly, including paying bills on time, paying off debt, and managing credit history.
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.
Paying off collection and charged off accounts does not necessarily raise your credit score. Credit scores are calculated on ALL the information in your credit report. 35% is based on payment history and this is where you may take a hit when you pay off a collection account. Example: You have a credit card collection that was last used in 2000 and has not been updated on the bureaus since 2001. Because the UPDATE (the date it was last reported) is over 12 months old, it impacts your credit score less and less. Paying that collection account causes you to have a (now) paid collection as of 09/04, making it fall within that important 12 month time-frame. You might actually take a deduction in this case. Once again, it depends on ALL of the information showing. If your collection accounts had current reporting dates, then paying them off definitely improved your score. Regardless of which scenario is true for you; your score will ultimately be much better. 12 months from now your score will be higher having old, paid collection account than having old, unpaid ones.
The bankruptcy will still be reported on your credit file for up to ten years however, it will denote that the car loan was paid off. So to answer the question wil it raise your credit score. The answer is no.
== == There is no difference in credit score increase if you pay a close or open account off. Paying an account is always a good idea, and eventually it will increase your score.
Yes, Juniper is a legitimate credit card company. Just be careful about the interest rate with them. If you are even 1 day late with your payment, they will raise your rate...and I mean raise it alot!
The answer to this type of question depends on SO many factors. Paying off collection accounts will not necessarily raise your credit score, which is what most consumers believe. The variable is the date the accounts were last reported (or updated) on your credit report. The date last reported, or "status" date is the date that causes collections and charge offs to impact your credit score. Anything, including legal items, late payments and collections/charge offs, updated within the last 12 month time frame, falls into the "history" category. This category accounts for 35% of your credit score. So, if you have old collection accounts which have not been updated recently; paying them off will cause them to be a paid collection as of, well, NOW. If, on the other hand, your collection accounts ARE being updated to within the last 12 months (regardless of the last time you used the account), then paying them off will probably not cause deductions to your score and MAY raise it. Certainly, 12 months from now, any collection account that is paid is better than an unpaid collection. The best scenario is to offer creditors a pay-for-delete. THAT would benefit both you and those whom you owe.
If it is allowed in your credit card contract.