Question in regards to what will increase my credit score?
I am wondering what credit cards to pay off that will increase my credit score.
I have store credit cards and major credit cards that I am trying to pay off. Of course not all of them, but my question is.
If i pay most of my store credit cards off, would this build up my credit score? or paying off the major credit cards would be the only way to bring up my score?
My banker who helped me to raise my credit score told me that store credit cards will raise your score (paying them off that is) very little however the MAJOR credit cards such as VISA/MASTERCARD/AMEX/DISCOVER will do significantly more and will raise your credit score more quickly. Hope this helps!!!
April, 5th 2010 at 10:58 pm
My banker who helped me to raise my credit score told me that store credit cards will raise your score (paying them off that is) very little however the MAJOR credit cards such as VISA/MASTERCARD/AMEX/DISCOVER will do significantly more and will raise your credit score more quickly. Hope this helps!!!
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April, 5th 2010 at 11:46 pm
Credit cards, loan all in good standing, paying on time, keeping balances low, and not letting your account get over the limit.
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April, 6th 2010 at 12:00 am
Pay off all the credit cards. Carrying balances of more than 30% of your available limit, kills your score. Maxing out individual cards also negatively impacts your score.
Concentrate on paying off the highest interest rate card first, while making minimum payments on the rest. When the highest is paid off, move to the next till they are all paid in full.
Get in the habit of only charging what you can afford to pay in full every month. You’ll save all that interest and stay out of debt. Paying on time, not carrying balances, is what builds your credit history.
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April, 6th 2010 at 12:23 am
Paying bills on time will increase your score more. Keeping the amount charged to less than 30% of your credit limit will help too.
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