If I pay off my total credit card debt of 75k will this increase my credit score? - Credit Debt - Knowledge Base

If I pay off my total credit card debt of $75k will this increase my credit score?

Hello, If I pay off $75k which is my total amount of credit debt, will this increase my credit score? I am revising this question I just asked earlier. I have no other revolving debt than this. I am sorry for the lack of information in the previous question. Thanks for all the help out here!

Responses:

yes
The only thing that can increase your credit score is making your payments on time. Every three months, the credit bureaus give their rating on everything you have financed and if you have made your payment on time each month then they give you points. Only thing is, you have to have more than one thing on your credit report so you need to finance other things like a vehicle or a home or just go to a rent a center place and rent a TV or some furniture. You need to have an average amount of credit listings in order to increase your score. It is true that some people have too much credit and when that happens, it means that their credit ratio is greater than what they bring in income wise. So yes, paying off your credit is wise but some times no credit is bad credit
Not necessarily, but yes. If you pay off your credit card debt, you will be able to start making "healthy" purchases with your credit card ones that you pay off right away. Those "healthy credit card purchases are what makes a good credit score, which is based on reliability to make payments which, in turn, is why it is called a "credit" in the first place. So, in the long run, yes it will make your credit score go up
Actually you might be better off paying it off over three months this way you are paying above the minimum and you are making timely pyments. If you pay off each bill each month it will help credit. Good luck
If these are current active accounts, paying off the balances will give your score a quick boost. Carrying balances of more than 30% of your available limit hurts your score. But even more, you will save a small fortune in interest! $75K in credit card debt is ridiculous. Credit cards are short term convenience, not long term financing
YES YES YES. 1. do not Close the Cards 2. do not let future balances p 50% of Total Line 3. Make all Future payments on Time 4. do not Open any more Cards 5. do not purchase anything Same As Cash BBQ Beds etc
how do you accumulate that much debt?
If you have late payments, or if these debts are in collections, then paying it off will not help your credit score. All the creditor is legally required to do is show the balance as "zero", but all of the derogatory information will remain, and it will hurt your score. if you do not have any late or collections then paying it off will definitely improve your scores. but it may take 2 - 3 months before you see anything major
Well after that start doing good things to raise your score and in about 5 or so years you will have a good credit score

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