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New Visitor
Posts: 3
Registered: ‎06-03-2008
0

paying credit card debt

hi guys,
 
 
a year ago i got a chase 0% card and didnt paid my balance and accrued about $2000 (limit is $2100)
i didnt knew that it would hurt my credit score...
 
now i am applying for student loans and my fico score is only 637 so i plan to payoff entire $2000 and clear my account..but i dont know whats better for increasing fico score ..to payoff entire amount in single transcation or divide it for 2-3 payments???
 
 
how long it would take to increase my score.
 
 
thanks in advance for your help.
Regular Contributor
Posts: 184
Registered: ‎12-30-2007
0

Re: paying credit card debt

DO you have any other debt? If not I'd pay off the whole balance
 
and you should see a big jump on your scores.
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: paying credit card debt

Pay it off all at once if you can.  You'll the effect on your score once the CCC reports the new balance to the CRAs and the CRAs update your files.  That could be anywhere from a few days to a few weeks.
 
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