If I pay off my depatment charge card how long it take for it to raise my credit score?

Question

Will paying off the charge card rasie my credit score? and if so will it be by much?

Answer 1

You should only have 3-4 cards. Only what you need. Too little of cards is bad, too many is high risk. Typically, mortgage, car loan, 2 dept. store cards, 2 major cards, and maybe a personal loan. You have a good mix of installment loan, and revolving debt. Try to keep your balance medium, not to the limit. read more from: http://www.credit-card-forums.com/thread/1334

Answer 2

ahere are a lot of factors used in the credit scoring matrices used by the 3 major credit bureaus, so there is no way to give an exact answer on how long. However, it could have an effect in as little as 2 months. If you do pay the card off, contrary to popular advice, leave the card open. A big factor in computing your score is your percentage of available credit. If you pay it off but close the card, you lower your percentage of availability. Cut up the card if you want, but don't close it.

Answer 3

Your credit score is not calculated the way you have heard and paying off a credit card could hurt more than help sometimes. One of the credit reporting websites offers all three agencies reports and an analysis of how to raise your score. I think it cost like $30 - $40.

Answer 4

Think about this. Why play the game of "how's my credit score"? In order to have the best credit score you have to owe someone even when you don't have to. Why play the game of checking an arbitrary number that defines who you are? Pay those charge cards off and be out of debt. Know that when you get your paycheck that all of it belongs to you.

The main reason to have a good credit score is so that you can get more debt. So you have a system that encourages people to stay in debt so that they get more debt. Everyday on TV and radio people are crying to get out of debt. Simply pay off those charge cards, cut them up and never use them again. Voila debt freedom.

Answer 5

Credit Scores are figured by how many loans you have (and that includes credit cards). If you want your score to go up, then pay off as many cards as you can, then cancel them. The fewer cards you have, the fewer loans you have, the better. Also, you need to have no late times showing. This takes 7 months to clear. Good luck.

Answer 6

The creditor reports your charges and payments on a monthly basis.
When the creditor reports your payment, your scores should "immediately" reflect it.
There really is no way, other than a wild guess, to tell how much your scores will rise.

Answer 7

provide up!!!! do no longer pay them off. only pay them right down to twenty-30percentof your extreme credit cut back. Your score would be affected adversely by skill of paying them off. You fico can in straight forward terms develop with money (on time, of direction) no longer by skill of no longer making any fee simply by no stability. 30% = ability (ability is king)!!! in case you have impressive history wiht those agencies, then you definately can ask them to bump your cut back purely adequate so as that your present day stability is in the 30% (ideally decrease to allow for unpredicted expenses) selection of latest cut back.