Credit Card/Credit Score Questions?

1) Regarding available Credit Card balance, as far as I know, you should be fine as long as you keep your utilization of that balance below 30%. I don't know if the FICO calculation looks askance at the total available balance, hopefully someone else can answer that.

2) Regarding keeping Credit Card accounts open or closing them, ideally you would want to keep them open and current by using them and paying them in full each month. This way you continue to grow your good payment history, which will help your score, and you will also save money by not having to pay any finance charge.

3) Regarding your timing oy paying your Cedit Cards, as far as I know it doesn't matter if you pay it off right away or until you wait until the due date. Again, hopefully someone else can answer this.

A Credit Score of 700 is not bad at all, I'm not sure what you're worried about! :)

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RE Credit Card/Credit Score Questions?

My husband and I both have three joint credit cards, a bank credit card, a credit card from a different bank for our animal hospital, and a store credit card. We just took our tax return and paid them all off so now we want to know how to raise our credit score without obtaining any more debt so heres my questions....

1. The available balance on all of them in total is $5700.00, is that too much for us to have?

2. Should I keep the animal hospital and store credit cards open? (I would like to close the store card but I don't want it to hurt my credit)

3. If I put something on credit and then pay it off, do I have to wait until the end of the month to pay it off for it to look good or can I just come home and pay it off right away?

I already have a checking and savings account which I know looks good, and the only other loan I have right now is our car. We are looking into getting a home later this year but as it stands right now both of our credit scores are around 700.

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RE Credit Card/Credit Score Questions?

My husband and I both have three joint credit cards, a bank credit card, a credit card from a different bank for our animal hospital, and a store credit card. We just took our tax return and paid them all off so now we want to know how to raise our credit score without obtaining any more debt so heres my questions....

1. The available balance on all of them in total is $5700.00, is that too much for us to have?

2. Should I keep the animal hospital and store credit cards open? (I would like to close the store card but I don't want it to hurt my credit)

3. If I put something on credit and then pay it off, do I have to wait until the end of the month to pay it off for it to look good or can I just come home and pay it off right away?

I already have a checking and savings account which I know looks good, and the only other loan I have right now is our car. We are looking into getting a home later this year but as it stands right now both of our credit scores are around 700.

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RE :Credit Card/Credit Score Questions?

My husband and I both have three joint credit cards, a bank credit card, a credit card from a different bank for our animal hospital, and a store credit card. We just took our tax return and paid them all off so now we want to know how to raise our credit score without obtaining any more debt so heres my questions....

1. The available balance on all of them in total is $5700.00, is that too much for us to have?

2. Should I keep the animal hospital and store credit cards open? (I would like to close the store card but I don't want it to hurt my credit)

3. If I put something on credit and then pay it off, do I have to wait until the end of the month to pay it off for it to look good or can I just come home and pay it off right away?

I already have a checking and savings account which I know looks good, and the only other loan I have right now is our car. We are looking into getting a home later this year but as it stands right now both of our credit scores are around 700.

Follow 5 answers

1. The available balance on all of them in total is $5700.00, is that too much for us to have?

There are two parts to this question. First, how much of your available balance are you using? this is your Debt to Credit ratio and should be kept below 30% to have a positive effect on your credit score. Second, lenders also look at your Credit to Income ratio. They use available credit in this ratio (even if you aren't using it) and consider how much you are borrowing as a percentage of your income. This is not reflected in your score since income is not part of your credit report. This ratio should also be kept as low as possible to improve your chances of getting a home loan. $5700, I'm guessing, is probably not a high percentage of your income so you are probably ok with that amount of credit.

2. Should I keep the animal hospital and store credit cards open? (I would like to close the store card but I don't want it to hurt my credit)

No reason to close any credit accounts. Lenders look for solid credit history and you get the benefit of these accounts (credit score wise) even if you aren't using it.

3. If I put something on credit and then pay it off, do I have to wait until the end of the month to pay it off for it to look good or can I just come home and pay it off right away?

It does not matter when you pay off your credit balances - as long as it is not late. Your credit report only reflects that it was paid on time - not early. Pay them off early to avoid interest charges if possible.

Good luck with your new home purchase!

A lot of availble unused balance is good and your amount is not large.

Never close your oldest credit card or loan account.

Length of credit history is 15% of your fico.

There is no need to pay a credit card bill before you get the statement in the mail.

But it is important for top credit to pay in full each month.

Carrying balances is horrendous for your credit worthiness.

Also, if there is fraudulent charges, if you pay before knowing it's there - you could be liable, since payment is agreement that all charges are ok.

Checking accounts and savings accounts do nothing for your credit report.

If you NSF and don't pay the report to another company called Check Systems.

Don't pay off your car if you don't want to.

Installments loans are good loans. Credit cards are revolving debt - harmful.

Wait 30 days after the closing date on your cards and get your score from Experian.com for about 8 bucks.

Don't make any new loans 18 months before your home purchase.

And don't open any new credit cards 6 months before buying your new home.

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You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments - buildcredit.ifastnet.com

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