how does it effect my credit score? like how is that established? does it let me do certain things or like how do i know how good it is and whatnot
2007-03-02 04:40:41 · 5 answers · asked by socosurf4 1 in Business & Finance ➔ Credit
Get a copy of your credit report. We're all allowed to get one free copy annually from the 3 major credit reporting agencies. (link below).
check it over and make sure everything that is on there is really yours. If you just paid off the credit card, it will take a while before it even shows. You did not say if the $300 you just paid off was an overdue balance or not. If you have been making on time payments on that card all along, paying it off will help as you now have no debt. However, if you have a bunch of late payments on it, those are going to show up for quite a while. You need to make regular on time payments on something for probably at least a year to start raising your score.
Check your credit report from the link below.
2007-03-02 04:50:05 · answer #1 · answered by Faye H 6 · 0⤊ 1⤋
Anytime you pay off a debt, it improves your credit score. Not that much for credit cards though, because they realize you could run it back up to the maximum next week.
Main thing to do is always make payments on time. ALWAYS.
2007-03-02 12:54:58 · answer #2 · answered by oklatom 7 · 0⤊ 0⤋
Your just like me I owe on a card three hundred I plan to pay it off my score would go down bad credit for us until we build it up
2007-03-02 13:24:10 · answer #3 · answered by pattibcacl 6 · 0⤊ 0⤋
Its good that u paid it off, but it wont help your score for an while..
2007-03-02 13:57:27 · answer #4 · answered by shorty21 5 · 0⤊ 0⤋
you score went down a lot
2007-03-02 12:43:52 · answer #5 · answered by niecey 1 · 0⤊ 1⤋