I usually pay my credit balances in full each month. Even though I pay my balance in full, there is still a balance left on the card from purchases after the closing date that would go on next months billing cycle. Can that lower your score? When I checked my credit report it showed my balances after the closing date on the card that weren't even due yet. Those balances factored into my credit ratio. I usually charge around 500 each month with a credit limit of 1000. I do pay the balance on the bill on time in full and get no finance charges. I heard that if your balance is more than 25% then that can lower your score. Is that at anytime you charge something? or only after you pay your bill and there is a remaining balance? I am confused.
2007-12-27 13:19:11 · 2 answers · asked by Anonymous in Business & Finance ➔ Credit
Score over 650? I wouldnt worry about it. There are many things that affect credit score. The things that you describe do not. One of the things that will is "are you registered to vote?" The actual method that is used to calculate the score is protected by a federal law.
2007-12-27 13:29:15 · answer #1 · answered by eyecue_two 7 · 0⤊ 0⤋
You are building credit. Just keep paying on time. I also pay mine off every month. My credit rating is excellent. What you are doing is good!
2007-12-27 21:28:50 · answer #2 · answered by rhonda c 5 · 0⤊ 0⤋