This is the problem, I am having an arguement with a co-worker that paying off all of your debt per month is better than having transferring debt month to month. I figure, you borrow money, you pay it all back, you repeat. They argue that paying a portion monthly shows you can handle credit effectively. Assume that interest rate is at zero percent, so thats not a factor. Which is better. Paying all or some of your debt?
What is better for your credit score? Paying all or some of your monthly credit card statement?
Both of you are right but in different circumstances.
Of course it is best not to carry any balances and live a debt free life.
This situation is ideal providing you already have an excellent long established credit history, 700+ FICO. You have proven that you know how to use credit responsibility and pay your debts on time.
Your co-worker is correct in that having a small balance carried over every month can have benefit to your score. If your score needs a boost, having a small balance and making small payments to the card can do that. This shows the credit bureau that you are demonstrating you can manage credit over a period of time. This process takes about 6 months to impact your score.
For more information on credit visit Fair Isaac%26#039;s site (The created the credit score) www.myFICO.com
~Danke Schoen
MrDankeSchoen@yahoo.com
What is better for your credit score? Paying all or some of your monthly credit card statement?
I have heard that keeping a small balance on one or two , but not all credit cards is best for maintaining a good credit score.
What is better for your credit score? Paying all or some of your monthly credit card statement?
Both will improve your credit score. Paying in full will help with debt to income ratio and having 0 balance will improve your score. Paying just your minimum will improve your credit in that you will be building established credit history.
What is better for your credit score? Paying all or some of your monthly credit card statement?
It doesn%26#039;t make a difference. ALl that matters is that you are %26quot;current%26quot; every 30 days, and that your balance is under 50% utilization.
What is better for your credit score? Paying all or some of your monthly credit card statement?
Especially if you have had bad credit in the past yes it is good to leave a balance and pay it of in time. Lets them know you trust yourself enough to pay monthly payment on time.
What is better for your credit score? Paying all or some of your monthly credit card statement?
not sure, if you have time here%26#039;s a lot of types of cards and more:
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http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if it helps please remember me :-)
good luck!
What is better for your credit score? Paying all or some of your monthly credit card statement?
How to Clean Up Credit Report
http://www.debt-loan-refinance-mortgage-...
Step-by-Step Credit Repair Guide
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