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| Topic | Is it myth that paying off your credit cards hurts your credit sorce? |
| Legato-and-Vash 02/28/21 12:51:15 PM #38: | My credit cards almost always have a 0 balance each month. My score is in the 800s. I pay off the balance usually after a couple days after the transactions when I'm able to. Paying it off does not hurt your score. Part of your score is determined by amount owed vs credit limit. The less owed and higher the credit limit, the higher your score will be. I've asked for a credit line increase on 2 of my cards just to raise my score and it did by a lot. My general use card has a limit of $6,000 while my Amazon only card has a limit of $7,000. The balance never even reaches over 1000 for either card. Another factor is average age of credit accounts. Opening a new card drops the average age a little which can drop the score a little. --- ~Sincerely yours, Legato and Vash~ Twitch: https://www.twitch.tv/kid_prodigy23 ... Copied to Clipboard! |
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