Will my credit score be lower if I make two payments each month?

Answer 1

Shouldn't affect your credit score unless you plan on splitting a minimum payment and paying every two weeks. You're likely to only have half the minimum payment twice a year and get a late fee.

Answer 2

FICO scores are calculated based on a 100 point system, divided into 5 areas of major interest to lenders:

1. Paying your debt obligations on time = 35%

2. Your credit to debt ratio = 30%

3. Frequency of applications for new credit = 15%

4. What types of debt you are carrying, for example installment, bank credit, credit cards = 10%

5. How old your accounts are = 10%.

This means the two most important things you can do for a good credit score are are (1) pay on time, and (2) keep your debt below 30-50% of the total credit available to you.

See the link below for more details on how to get the best possible score.

Answer 3

I was just as seminar and this is what the guy said. If you have the cash to pay for things, it does not matter what your FICO score is. PAY OFF YOUR DEBT! Go to http://www.daveramsey.com/etc/realestatecenter/index.cfm?FuseAction=dspMortgageCalculator

I realise it is for a mortgage, but the principals are the same for a credit card or a car. You will see how much money you are saving in interest by making double payments. The world is running on credit and it is a vicious cycle. Get debt free asap and stay that way.

My husband and I have a home loan, and we are paying that off and will have it paid for in 9.6 years instead of the 28 years we have to go. We will also save tons on interest.

Answer 4

It will be lower if you make 2 payments but owe 4 payments . . .
What the heck you talking about ?
You need to put better specifics into your question .

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Answer 5

pay on time that is the key to good credit.