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

By: Real

Real — Thu, 02 Apr 2009 20:40:37 +0000

Credit card lobby must be eliminated.

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: Jenna

Jenna — Thu, 07 Aug 2008 21:37:14 +0000

Thanks for your question Jennifer, We’ll answer it soon!

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.