rising_score Posted April 4, 2005 Report Share Posted April 4, 2005 If you pay your credit card bill as soon as you receive it, will it make your FICO score increase faster than if you wait until just before the bill is due? Have any of you ever experimented with this? I am trying to figure out how quickly information is reported to credit reporting companies. Link to comment Share on other sites More sharing options...
divemedic Posted April 5, 2005 Report Share Posted April 5, 2005 No. It is either late or it is not. Link to comment Share on other sites More sharing options...
almost_there Posted April 5, 2005 Report Share Posted April 5, 2005 Divemedic is right, it's whether or not it's late that affects your FICO score...however, I just thought I would add that paying it early may save you some interest, making better overall financial sense in the end - which also would help you keep your balance that much lower which would also affect your score. Lower balance/lower credit utilization = higher score. Link to comment Share on other sites More sharing options...
Xanathos Posted April 5, 2005 Report Share Posted April 5, 2005 Actually the answer is "sometimes"My first card after I got everything cleaned off my reports was a BoA card in which I'd get the bill at such a time to where if I didn't pay it immediately, their montly reporting cycle to the bureaus would reflect my total balance on it for that bill (higher utilization). If I did pay it just about as soon as I received it...well, they'd report 0 owed every month, which raised the FICO.WHICH, btw, is a completely useless number except for kind of a marker for your own use to see where your progress is. Most companies have their own scoring model and don't just use FICO numbers.. Link to comment Share on other sites More sharing options...
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