I'm refinancing a house and I heard a lady say this at a seminar that if I paid 2 payments every month, each payment counts for 6 points increase to my FICO score. Is this accurate?
2007-10-19 07:42:39 · 17 answers · asked by cayzel_sugi 1 in Business & Finance ➔ Credit
Wrong.
The only way paying extra will raise your score is if it lowers your debt to credit ratio below 30%. This makes up a full 30% of your credit score.
2007-10-19 07:52:56 · answer #1 · answered by ? 7 · 4⤊ 0⤋
No. If that was true someone could go from a 350(minimum) to 850(maximum) score in about 2 years. That is NOT going to happen. While payment history is the biggest factor, it is not the only factor. There is no set number of points any single action will raise or lower your score.
Payment History - 35%
Amounts Owed - 30%
Length of History - 15%
New Credit - 10%
Types of Credit - 10%
You should look over the myfico.com site. This is the company that does the FICO score and goes into a lot of details on credit scoring
2007-10-19 07:52:50 · answer #2 · answered by OC1999 7 · 0⤊ 0⤋
So if you look closely, you'll see a 831 in my pic. That's because it's my highest score of all time. Now, I'm more in the 780 range. While over 800 is quite in your reach...830 is tough. You need to keep those balances low each month. Aim for 10% utilization and see if that helps. Not much else you can do. Your score will rise over time as you get older. Someone with your situation at 40 has a better score than a 29 year old because Length of history is 15% of your score. Some food for thought. Take your energy that you would spend on getting an 830 and help someone else get to 750 from say... 650. Just a thought. :) That said, congrats on your great score.
2016-05-23 18:43:15 · answer #3 · answered by ? 3 · 0⤊ 0⤋
I doubt it, since it was a Seminar, did she back it up anyway?
Never heard of it. I make a payment to my credit card
every week, whatever extra I have and I haven't seen
my report change and it has been a year.
2007-10-19 07:46:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No it wont. But if your payments are bigger the intrest will be lower. I have to spend another 2,000.00 to get a few extra points so I can get a flat screen tv. But bigger payments will make you look great to the company you have ur card through.
2007-10-19 07:46:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Stop smoking crack
The only thing that increases your credit score is on-time payments.
2007-10-19 07:45:56 · answer #6 · answered by Anonymous · 1⤊ 0⤋
to incress your credit score you need to have your balance below 30% of you limit IE if your limit is 1000 and your balence is 299 your score will rise so if you make 2 payments a month when you get you balance below 30% yoiur score will rise
2007-10-19 09:39:09 · answer #7 · answered by seocontest 1 · 1⤊ 0⤋
im not sure about that. but i can email you something from Center State Bank here in Florida, that tells you how to raise your score 100 points in 45 days! I will email that to you if you'd like. Drop me a message and let me know where to go.
2007-10-19 07:45:51 · answer #8 · answered by Anonymous · 0⤊ 0⤋
If it were true you'd be hearing about it all over the news and people's credit scores would be soaring. I'd tend not to believe it.
2007-10-19 07:46:49 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I doubt it seriously, since your score is averaged around allot of different values. Time on job, time at residence, payment history etc.
2007-10-19 07:45:52 · answer #10 · answered by pbonck 2 · 0⤊ 0⤋