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New Contributor
Posts: 124
Registered: ‎06-28-2007
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forgot if I asked this before

does it matter how you pay what you owe? Would making payments on something compared to paying off something make your credit score higher? Say I pay XYZ company the full amount I owe them or agreed upon in a settlement compared to making XYZ company payments, would it really make a difference scorewise on my credit report or just time wise. Which would like better for me(someone going for a mortgage in a year?)TY
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: forgot if I asked this before

It's all about util. :smileyhappy:
New Contributor
Posts: 124
Registered: ‎06-28-2007
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Re: forgot if I asked this before

utilization only refers to CCs though right? I have no CCS right now. I am working on getting some by August. I guess what im asking if its for any other kind of bill utility, medical, etc...does it matter to your score if you PIF or pay in payments? Ty
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: forgot if I asked this before



serenity72 wrote:
utilization only refers to CCs though right? I have no CCS right now. I am working on getting some by August. I guess what im asking if its for any other kind of bill utility, medical, etc...does it matter to your score if you PIF or pay in payments? Ty


Nope... But credit cards (revolving credit) is much more important.
New Contributor
Posts: 124
Registered: ‎06-28-2007
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Re: forgot if I asked this before

alright so basically paying a little bit on each account would help more than anything correct?
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: forgot if I asked this before

Depends.. post up your balances and credit limits.
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Posts: 16,373
Registered: ‎03-12-2007
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Re: forgot if I asked this before



serenity72 wrote:
alright so basically paying a little bit on each account would help more than anything correct?


Keeping your CC util between 1-9% is ideal. For example credit card A: CL 1,000, balance should be under $90 when it reports to the CRAs. CC util over 50% will really hurt you. With installment debt, on time payments matter, the balance hardly. NEVER pay late and you are fine.
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

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