I'm just curious. I'm lucky to not have to be in a position to worry about this at the moment.
2007-01-09 15:29:00 · 3 answers · asked by G A 5 in Business & Finance ➔ Credit
it does, but the impact depends on the ratio of your total credit card debt to total available credit. for example, if your total credit lines are $20,000 and you are making minimum payments on $19,000, your credit score would be lower than if you were making minimum payments on only $2,000.
whether you make payments on time or not is a different factor in determining your credit score.
2007-01-09 15:54:08 · answer #1 · answered by ErasmusBDragen 4 · 1⤊ 0⤋
I was in finance for a few years, and yes that it shows as a debt against your income but even if you pay it off in full you would need to close the acct out entirely as the lender see that as possible additional debt even if it has a zero balance.
2007-01-09 15:40:16 · answer #2 · answered by lmason36530 1 · 0⤊ 0⤋
No it does not. Credit reporting agencies just want to ensure that you pay on time. However, your debt to credit ratio does affect your credit score.
2007-01-09 15:35:34 · answer #3 · answered by Homer 3 · 1⤊ 0⤋