Whats a better plan for a better score in 10 months

[FireMedic1]

Dont believe in the payments "made on time percentages" seen on free Vantage websights. Faster util %'s go down, the faster the scores go up.

[Girlzilla88]

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@Anonymous wrote:

I just figured credit will see i'm making 10 more months of payments versus not making anymore payments for 10 months becasue I do not have a balance.

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Think of it like this some people want to see history of you making payments but everyone loves to see them get their money back faster LOL.      If you can of course pay it back faster then add something new to it if you want to add length and just pay that lol you can do that route for 10 months ^^     I know Chase especially loves to see large payments faster

[Nomad3]

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@Anonymous wrote:

I just figured credit will see i'm making 10 more months of payments versus not making anymore payments for 10 months becasue I do not have a balance.

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You'll still have 10 months of "payments" regardless. You don't have to carry a balance, you can pay in full every month or even not use the card and report $0 and still have 10 months of being in good standing.

[FireMedic1]

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@Nomad3 wrote:

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@Anonymous wrote:

I just figured credit will see i'm making 10 more months of payments versus not making anymore payments for 10 months becasue I do not have a balance.

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You'll still have 10 months of "payments" regardless. You don't have to carry a balance, you can pay in full every month or even not use the card and report $0 and still have 10 months of being in good standing.

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+1. To fan it out in a way like @Nomad3 stated. You Pay it off. Then Charge $100 for 10 months. Let $10 report. Pay before due date. There's your 10 months of payments. Best part. You didnt pay a red cent in interest. Case closed. No difference.

[Girlzilla88]

I wouldn't recommend not using your card for 10 months or over 5 months for that matter even if you put something small on it don't NOT NOT use it lol

[Anonymous]

Hey! Also consider the longer you take to pay it off the more you will be paying back in interest (unless you have 0% APR of course).

1. Here's a video that may help you understand how the FICO score works: https://youtu.be/ip_A7ulLl-M

2. No debt is the best debt! If you can pay off the entire $10K balance right now, without burning through any emergency funds, then do so. But don't close the card/account, leave it open to keep your average length of credit higher (unless you are paying a annual fee). Closed accounts reflect negatively in FICO.

3. FICO 10 updates aren't slated until the end of 2020, so no telling when (nor if) they will be implemented. There are FICO 9 standards that exist now that aren't really used currently. But FICO 10t will offer a trending two year look at you data which will include payment amounts, including if you pay more than the minimum (which it sounds like you are looking to do). This could potentially prove beneficial because it could show how long you've been fiscally responsible, and not that you just don't use your card (having a $0 balance month after month). Yet this is risky because you don't know if 10 and 10t will be utilized.

I hope this helps!

[Anonymous]

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@Anonymous wrote:

Hey! Also consider the longer you take to pay it off the more you will be paying back in interest (unless you have 0% APR of course).

1. Here's a video that may help you understand how the FICO score works: https://youtu.be/ip_A7ulLl-M

2. No debt is the best debt! If you can pay off the entire $10K balance right now, without burning through any emergency funds, then do so. But don't close the card/account, leave it open to keep your average length of credit higher (unless you are paying a annual fee). Closed accounts reflect negatively in FICO.

3. FICO 10 updates aren't slated until the end of 2020, so no telling when (nor if) they will be implemented. There are FICO 9 standards that exist now that aren't really used currently. But FICO 10t will offer a trending two year look at you data which will include payment amounts, including if you pay more than the minimum (which it sounds like you are looking to do). This could potentially prove beneficial because it could show how long you've been fiscally responsible, and not that you just don't use your card (having a $0 balance month after month). Yet this is risky because you don't know if 10 and 10t will be utilized.

I hope this helps!

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Closed accounts in good standing do not reflect poorly. They remain as closed positive accounts on your reports for up to ten years, and continue to contribute to your account age factors. Accounts closed by credit grantors with a negative status can hurt, but otherwise they're beneficial, or at the least, do no harm.

[Anonymous]

No debt will result in the no revolving balance penalty to the tune of 10 to 20 points. You always want to report a small nominal balance.

As @Anonymous points out, FICO does NOT look at closed accounts negatively. I don’t know where this stuff comes from, maybe YouTube?

Fico 10 updates? It’s got to be released first and then put in use by lenders, which hasn’t even been done much with fico 9 yet. And since when do they update fico algorithms unless an error or bug is discovered? Instead they design and put out a new one, so the lender has to pay for a new one. If they regularly updated the algorithms, there would be no need for new versions.

[Anonymous]

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@Anonymous wrote:

What is a wiser move? Pay of my $10K credit card debt which is 23% utilization rate today or PAY IT OFF slowly throught the next 9 months. What would result in a higher score in 10 months?

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What is special about 10 months?

What does the rest of your credit profile look like?

No debt is best as others have stated.  If your goal is higher score and low debt (you could eliminate the debt but you choose not to), pay it down to 5% utilization (below 8.99% and below 6%). Perhaps use the difference to reduce balances on other cards if you have any.

Knowing more about your situation will help folks here give you better advice.

[Anonymous]

There would be no difference in score 10 months from now if you pay the debt off immediately or slowly.