Powered by Yahoo! Answers

If i pay my credit card twice a week, will that help increase my score?*

i really need to bring it up but i need tips on how to do it- i have a 2550 limit card and 600 dollar balance i'm paying twice a week at least twice the monthly minimum. will this help?

Answers:

1) not necissarily, you see. The way credit bureaus measure your score in this category is if you paid the minimum payment on time. Although it will decrease your overall balance faster, this will decrease your income to debt ratio but they want to see that you can handle a little interest rate pressure. So bottom line is, it will look good but the bureaus won't buy much of what your doing. Making payments on time is good enough.

2) It doesn't matter how frequently you pay it as long as the balance has decreased from last month. Save the money and make one payment when the bill is due, and if you can spare it, a separate payment between each bill. Say you now pay a combined $100 each month, you could pay $20-30 a few weeks after paying the bill and you'll lower your balance faster. Make sure to pay the bill on time and never go over the limit.

3) Hi, No. It only helps bring the interest charges down . rgds..............

4) The frequency is irrelevant; all the credit card company expects is the minimum once a month by a certain date. You do more, find, they'll take it, but their report to the credit reporting agencies will be "in good standing" with a statement of current debt on the account. That's it, no change, no "putting in a good word." Either you are meeting the minimum terms of the contract, or you aren't - that's all they care about.

5) The frequency doesn't matter as long as you meet their minimum payment. Concentrate on bringing the balance down below 30% of the available limit.

*The answers on this page are supplied by users of the Yahoo! Answers forum or by visitors to this site. CreditOptions does not necessarily endorse or agree with the answers provided.