Credit Cards

turn on suggestions Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Reply
Topic Options
themoreyouknow
New Member
themoreyouknow
Posts: 5
Registered: ‎03-26-2009

credit balance on credit card

Options

‎03-26-2009 10:15 AM

If I have a credit balance on a credit card, will that adversely affect my credit score?
Message 1 of 8 (527 Views)
 
Reply
Established Contributor
Posts: 513
Registered: ‎04-03-2007

Re: credit balance on credit card

Options

‎03-26-2009 12:20 PM

NO
Message 2 of 8 (507 Views)
 
Reply
Established Contributor
YoungEntrepeneur
Posts: 583
Registered: ‎03-03-2009

Re: credit balance on credit card

Options

‎03-26-2009 12:51 PM

No, the balance for that account will show up as $0 on your credit reports.
Message 3 of 8 (487 Views)
 
Reply
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: credit balance on credit card

Options

‎03-26-2009 02:03 PM

It will help your score, because it will report as zero balance.  Of course that only takes zero not a credit :smileyvery-happy:

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 4 of 8 (470 Views)
 
Reply
themoreyouknow
New Member
themoreyouknow
Posts: 5
Registered: ‎03-26-2009

Re: credit balance on credit card

Options

‎03-26-2009 02:08 PM

Thanks for your help!  I agree!  I wish there would be something in the stimulus plan to help us savers... 
Message 5 of 8 (465 Views)
 
Reply
themoreyouknow
New Member
themoreyouknow
Posts: 5
Registered: ‎03-26-2009

Re: credit balance on credit card

Options

‎03-26-2009 02:08 PM

Thanks for your help!
Message 6 of 8 (464 Views)
 
Reply
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: credit balance on credit card

Options

‎03-26-2009 02:22 PM

There is:  lower interest rates meaning you pay less and can save more.  Of course, not paying any interest is best!

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 7 of 8 (456 Views)
 
Reply
Established Contributor
YoungEntrepeneur
Posts: 583
Registered: ‎03-03-2009

Re: credit balance on credit card

Options

‎03-26-2009 03:04 PM

Who can argue with that?
Message 8 of 8 (449 Views)
 
Reply

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
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
www.myfico.com is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+