I did a credit score analyzer, if I pay off all my credit cards my credit score will decrease by 8 points, I am trying to improve my credit but paying on time over a 1 year period will raise it by 67 points, but i don't want credit card debt, what would you do?
2007-02-24 00:01:50 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
You are wise to pay them off and NOT have any Credit cards. DO IT, and if you want anything, save up for it and buy it with cash. It is not going to effect your credit by paying them off, it will help you as it shows that you have kept your responsibilities and met the obligations of the terms of the Credit Cards. Go for it. You can always get another card if you want it, but like you said you don't, so pay them off, and be done with the loan sharks. That is what the Credit Card companies are anyhow.
2007-02-24 00:08:55 · answer #1 · answered by Ex Head 6 · 0⤊ 0⤋
Pay them off...I also believe in having no credit card debt. To keep your credit score up charge something small each month then pay it off, do the same the following month, etc. That way your credit report reflects activity, making your credit score go up and you are not in debt.
2007-02-24 00:06:34 · answer #2 · answered by pamomof4 5 · 0⤊ 0⤋
No doubt about it... pay off your cards completely. Overall, nothing will help your credit score more than paying off all outstanding debts as soon as possible.
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Under $10 and in every bookstore in the world. Fun read that will change your financial life. Good luck to you! Darryl :)
2007-02-24 00:25:38 · answer #3 · answered by Radio 3 · 0⤊ 0⤋
I would pay them off. If you don't, they could sue you which would put a judgement against your score and would lower it even more. I would take the 8 point hit, then pay all my bills on time and let it increase by 67 points.
2007-02-24 00:48:59 · answer #4 · answered by Mariposa 7 · 0⤊ 0⤋
I think you're overreacting. Paying debt on time is a positive credit indicator whether you pay the full balance each month or just the minimum required.
2007-02-24 00:07:14 · answer #5 · answered by SDD 7 · 0⤊ 0⤋
Worry more about managing your debt than your credit score!
2007-02-24 09:29:28 · answer #6 · answered by Big Larry 2 · 0⤊ 0⤋
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2007-02-24 03:16:26 · answer #7 · answered by creditcard 1 · 0⤊ 0⤋