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by dacmemphis on December 24th, 2006

dacmemphis

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I have a credit card with a balance of $6,000. I can pay this off immediately, or would it raise my credit score to pay off in three installmaents of say, $2000?

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  • by Gideon on May 1st, 2007

    Gideon

    If you can, pay the balance down at once. Not only does it save you money, but roughly 30-35% of your credit rating is based on your debt to credit ratio. The closer to your limit the debt is, the lower your score.

    Making periodic purchases and paying the balance in full each month is the best way to establish a long, successful credit history.

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