04-29-2009 11:24 AM
Hi, and welcome!
The score does not have a memory. It is calculated from the entries on your credit report. This means it doesn't matter whether you paid in lots of small chunks or one big chunk, what counts are the balances compared to your credit limits.
04-29-2009 08:05 PM
How about when you pay off your monthly balances? Like AmEx or other credit cards? Does it hurt it?
I pay everything I can by credit card because I earn miles, and then pay it off by the end of the month.
04-29-2009 08:35 PM
According to Fico, it hurts your score to have zero utilization...but according to Credit Check Total, it helps my score to have zero balances....go fugure!
I guess it depends on what service you are using. I have heard from other members that is is best to carry a small balance on one to two cards and rotate your cards every 2-3 months.
05-01-2009 06:11 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO