Reply
Frequent Contributor
JoshNurse
Posts: 406
Registered: ‎03-19-2013
0

FICO 694

Is it best to pay off all of my cards completly to 0 balance or should they have some balance in them?

 

Also would I have the same fico score if i paid them off in 2 years or if I paid all dept in 2 months?

Blogger
HiLine
Posts: 3,162
Registered: ‎10-19-2012
0

Re: FICO 694


JoshNurse wrote:

Is it best to pay off all of my cards completly to 0 balance or should they have some balance in them?

 

Also would I have the same fico score if i paid them off in 2 years or if I paid all dept in 2 months?


You should have exactly 1 card with a non-zero balance which is low.

 

If you're talking about installment loans, the longer the duration of the loan the better score you'll obtain.

 


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.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}