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If you pay off the balance of one credit card in a month and skip paying off the other credit cards for that month how will that affect your excellent 850 credit score?
12345GR
I would expect your 850 would tank to about a 650! Suddenly being 30 days late on two or more cards at once is an instant way to destroy your credit for the short term. If it turns into a 60 day, even worse, 90 days, worse, etc. Do not skip payments! 30 day late hits can really cause havoc. You will recover within a few months provided it's back up to date, but it can cause a 200 point drop quite quickly. The fully paid off card would do nothing - if you had a 10K balance and had a total of 12K in credit and suddenly paid your 10K credit card, you might see a 50 point jump - but in the face of being late on two other cards, it's going to go down into the 600s FOR SURE guaranteed.
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∙ 15y ago
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Do subsidized loans affect credit?
Subsidized loans will affect your credit score negatively if you are not paying them. If you are paying them, they will have a positive effect on your score.
What causes your credit score to go down?
Late payments will do it, so will missed payments. Exceeding your credit limit without authority and increasing your credit limit without paying off your existing balance will all affect your credit score. Managing credit responsibly means paying off your balance before using the facility again, and making the repayments in plenty of time for them to be credited to your account.
If your credit rating is excellent will cancelling a store credit card after paying it off in full in the first billing cycle affect your credit rating?
Credit scores are calculated primarily on "Credit". After closing a card............do you have "credit"? No. You HAD credit......now you don't. It certainly won't help your scores.
Does paying off high balance credit card help your credit?
Yes. Amounts owed accounts for about 30% of your credit score. Ideally your utilization rate should be 20% or less. Paying your credit card balance to 20% or less will improve your credit score.
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 !
Do subsidized loans affect credit?
Subsidized loans will affect your credit score negatively if you are not paying them. If you are paying them, they will have a positive effect on your score.
How do you get an excellent credit score?
By paying many bills on time
What causes your credit score to go down?
Late payments will do it, so will missed payments. Exceeding your credit limit without authority and increasing your credit limit without paying off your existing balance will all affect your credit score. Managing credit responsibly means paying off your balance before using the facility again, and making the repayments in plenty of time for them to be credited to your account.
If your credit rating is excellent will cancelling a store credit card after paying it off in full in the first billing cycle affect your credit rating?
Credit scores are calculated primarily on "Credit". After closing a card............do you have "credit"? No. You HAD credit......now you don't. It certainly won't help your scores.
Does paying off high balance credit card help your credit?
Yes. Amounts owed accounts for about 30% of your credit score. Ideally your utilization rate should be 20% or less. Paying your credit card balance to 20% or less will improve your credit score.
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 transferring credit card balances affect your credit score?
Transferring the balance doesn't usually affect credit. You actually will be better off doing this for those cards that were closed by the companies, because they will report on your credit as revoked and if you're not paying on the balance, they can still report as delinquent monthly, even if it's closed. So if you can transfer those especially, that is much better b/c the new company simply pays off that balance for you and you can start fresh.
After paying off a credit card balance how much does your credit score go up?
it will go up by 10 to 50 points depending on the amount owned and cancelled. You can further improve it by continuing to use the credit card, and paying the balance in time.
If you pay off your credit card balance monthly will this help your credit and are you paying no interest?
Paying off you credit card balance helps you, yourself the most. but according the the fico score they like to see a small balance, for some reason its not good to pay off a card totaly, I have never understood this.
What are some advantages of a 0 balance transfer?
When you have a balance on your credit card, you are paying interest. If you can find a credit card with a lower interest rate and a 0% balance transfer, you will be saving money.
Is it a criminal charge for not paying a balance owed?
No. It is not. There is no such thing as a debtor prison in the U.S. You might get sued in a civil court and have a judgment put on your credit report which will negatively affect your ability to obtain credit. But you won't go to jail or get arrested if you don't pay your balance. No. It is not. There is no such thing as a debtor prison in the U.S. You might get sued in a civil court and have a judgment put on your credit report which will negatively affect your ability to obtain credit. But you won't go to jail or get arrested if you don't pay your balance.
How can paying down your credit cards lower your credit score?
Paying down your credit cards won't lower your scores-- but paying off and closing the credit cards will lower the scores. You want to show that your cards are not maxed out and you have plenty of room between the credit limit and the balance .
