Change of Credit Score

Anonymous · ‎10-05-2007

Does anyone know if paying off a balance makes your credit score go up? Or does it just keep it from getting worse and shows as a paid on time account...I have also attached myself to one of my parents accounts as they have excellent credit. Has anyone heard of this actually working or making a big difference?

Thank you!

Message Edited by Juls1 on 10-05-2007 09:18 AM

Anonymous · ‎10-05-2007

Yes and Yes

AU status is going away soon so take advantage of it while you can.

Getting CC UTL under 10% helps.

Read the Credit 101 thread.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=11303&jump=true

Anonymous · ‎10-05-2007

I just paid off my balance on an AMEX CC from 8,473.00 to ZERO dollars, and I seen a 38 point increase just from that about a week or so after I paid it off. I think I paid it off right before the closing date on the AMEX statement, so the report was probably right after that.

Anonymous · ‎10-05-2007

Funny- my CRA balance lags 30 days from my statement.

@Anonymous wrote:
I just paid off my balance on an AMEX CC from 8,473.00 to ZERO dollars, and I seen a 38 point increase just from that about a week or so after I paid it off. I think I paid it off right before the closing date on the AMEX statement, so the report was probably right after that.