Comments on: How Does Paying Off A Credit Card Affect Your Credit Score?

By: iris johnson

iris johnson — Thu, 22 Sep 2011 03:38:25 +0000

I have never had issues with my credit card. several years ago i seeked a lawyer because a vehicle issue that lawyers did’T not want to negotiate upon . i have always been good with paying my credit card depts on time. My credit score is 800/680. would i still be able be able to keep my credit cards?

By: shawn

shawn — Wed, 29 Dec 2010 03:04:14 +0000

I have had some difficult circumstances the past year and a helf. I racked up a lot of medical bills and put a lot of charges on my cards. I have 5 cards. Out of those cards 4 have a balance of 700 or less. Then I have 1 card with a 3500 balance. I would like to put some of my income tax toward the cards. Should I pay off the small ones or pay down on the bigger one?

By: ksaglam

ksaglam — Sun, 18 Jul 2010 16:02:10 +0000

I also paid of 2 cards recently – one that was tied to my ex husband whose credit is very bad. The only wayt to get my name separated from this was to pay it and close it (so I was told by Bank of America). The other one I paid off was at 30% interest. I closed the account as well. Now looking at the advice in this thread, that may not have been the best thing to do. I still have another card that I am paying off, keeping payments current and paying more than the minimum. I also have a car loan with all current payments and more than the minimum. Hopefully, it’s not all bad news??

By: pam

pam — Thu, 18 Dec 2008 01:08:51 +0000

my credit score was a 718, but stating due to no recent credit pymt history, loan or mortgage is has dropped to a 673! I thought my score was low at 718, so I inquired at the bank. They suggested I open up a MC 0% interest x 6 months, charge and make payment. I did that in October. No affect on score, now I get the notification from transunion a 45 point drop in my FICO score! With the economy the way it is and being unemployed I am not going to apply for a loan. What the heck is someone supposed to do!!!

By: Danielle

Danielle — Mon, 17 Nov 2008 22:37:53 +0000

I have a question- My credit score is 662. I have 5 Credit cards (revolving) and some installment accounts mainly student loans with 1 auto loan payment. I am trying to apply for another private student loan and was recently denied (even with a cosigner). My credit to debt ratio is rather high 96%, but I do not have any negative accounts, no late payments, and no defaults. If I was to pay off one or two of my credit cards, how long would it take for my credit score to increase?

By: kali

kali — Mon, 25 Aug 2008 22:42:17 +0000

I was wondering how asking my credit card company to increased in my credit limit will affect my score. I would like to take advantage of a 0% promotion. thanks – km

By: Jennifer

Jennifer — Mon, 04 Aug 2008 15:51:04 +0000

My question sort of relates to the one above. My husband has a score of 560 and it low because there are 2 accounts that were slow pays and paid off and closed almost 5 years ago. The problem is we are trying to get a mortgage and with his score it may be difficult. I have tried everything to repair the credit and nothing seems to work. Since these bad cards, he has paid off 1 vehicle and has 2 car loans on his credit, which are paid for on time every month for 3 years now. He has a few open credit cards which we pay every month. The thing with those current cards is that we owe too much, not above the limit, but maybe only $500 under it.
My first question is: Since I have the money to pay off the cards we have now, do we do that and will it really impact his score?
I just want to know if it really helps. I feel if I pay off all of his debt, we won’t have any money left in savings to buy our house. It is about $10K in credit cards.
Thanks.