Does credit score go up by paying credit card minimums
Date: Fri, 04/14/2006 - 10:37
Regular payment does help raise your credit score. As long your
Regular payment does help raise your credit score. As long your account is reported as current, it means no delinquency. Good for your credit. However, paying minimum won't help you pay off the debt in full. If you have pretty high amount of debt, the principal should be cleared simultaneously. The ratio of debt to available credit also affects your score.
credit card debt consolidation is a good option to rebuild your credit. You can take a free counseling through this site. Enter your details in the sign up form; one counselor will be calling you very soon.
Stan makes some excellent points in his post. However, if you d
Stan makes some excellent points in his post. However, if you do not have a large amount of debt (compared to your credit limits) and do not carry large balances, then regularly making your payments on time every month (maybe pay a few dollars more than the minimum) will, in the long run, result in a higher score. The rising credit score is not the result of making minimum payments, it is the result of establishing a long term positive payment history. However, as Stan mentioned, if your balances are increasing every month, your score will eventually be hurt.