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Relationship between paying off credit card and credit score

New Contributor

Relationship between paying off credit card and credit score

Hello all - I was curious tonight if there is any correlation between how you pay off your credit card and credit score? For example, if you have a high utilization rate and want to pay it down, will your score go up more if you pay off the entire balance in one shot vs. pay it down in smaller amounts on a weekly basis? Or will the credit score go up the same amount regardless of how you pay it off? Thank you kindly in advance.

Message 1 of 5
4 REPLIES
Frequent Contributor

Re: Relationship between paying off credit card and credit score

Your score is calculated using the most recent balance information available from your report. It doesn't matter how you got there, it just matters that your balances are up-to-date when the report is pulled. Most creditors report your balance after your statement is generated, and then not again until the next statement.

In other words, concentrate on paying your balance down before your statement generates if you're worried about utilization in your score, then wait the proper amount of time for that data to be updated on all of your reports.
Message 2 of 5
Valued Contributor

Re: Relationship between paying off credit card and credit score

It's mean if your statement cut off time in 15th of every month ( this not the due date))).......you need to paid in maybe 2 or 3 days in advance........hoPE it help

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 3 of 5
Frequent Contributor

Re: Relationship between paying off credit card and credit score

You can avoid this by paying in the bank where you got the card, that's if you got it at the bank. You could pay with cash before 5pm before the statement is posted
Rebuilding...been out of the game for a minute. Now, after suffering I'm back with greater wisdom. Scores: Currently @ around 6 teens to 20's, across all three EQ,TU, EX
Message 4 of 5
Senior Contributor

Re: Relationship between paying off credit card and credit score


WJL wrote:

Hello all - I was curious tonight if there is any correlation between how you pay off your credit card and credit score? For example, if you have a high utilization rate and want to pay it down, will your score go up more if you pay off the entire balance in one shot vs. pay it down in smaller amounts on a weekly basis? Or will the credit score go up the same amount regardless of how you pay it off? Thank you kindly in advance.


It changes when the new balances are reported to CB, using after the statement closes.

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