
Will paying off my entire balance weekly help my credit score?
I'm currently paying off my entire creditcard balance online every other week. All of my statements have a 0 balance right now, but I'm afraid paying them off this often and carrying zero balance won't improve my score since I don't carry any "credit"
Public Comments
- Probably not it will show the credit companys that you are not using them.
- yes it will improve your score your score is based offof income to debit ratio
- no,
- well if you are paying off your entire balance every other week, than by my assumption you are using the card which is perfectly fine...as long as you use it and pay it off you are in good shape
- No. Paying off weekly won't matter. Everything is done a monthly basis. But that is the whole point to great credit: using it but paying it off in full. It means that you are using your credit very responsibly and that is what lenders want to see and what will make your score high.
- That is not necessary, because credit card companies only report to FICO monthly.
- Nope...........continue to pay on due date.......why let them have your money.......
- It won't. At least let a small balance (like $20) carry over.... It's worth the pennies of interest that you'd pay on that amount just to have it increase your credit...
- It doesn't even cost pennies. The amount reported to the bureau is the balance on the statement. They have no idea if it's a new balance being paid off every month or an old balance being carried.
- Contrary to what many credit advisors say, paying off credit cards each month is not always the best action to take. When making credit card payments, carry a balance on your credit card every other month - even if it's as little as 2 dollars. Accounts with zero balances do not compute significantly in your total score. What do I mean? For instance, a credit card with a perfect payment history and no balance will not raise your credit score as much as a credit card with a low balance. Any balance keeps the card active so it computes in your credit score. I have repeatedly adopted the above strategy on my credit cards and the result is quite amazing: It raised my credit score substantially within one year.
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