Posted by wes on September 23, 2004 at 18:32:39:
I am no credit expert here, but one thing I do belive is true in your case.
Credit scores are calculated primarily (approximately 33% each, but a higher % towards your payment history) looking at:
- your amount of credit available
- the length of time you have had that credit
- your payment history
In your case, a zero balance improves (2), does not improve (1) or (3).
If you do put a balance on your credit card and pay the amount due “on time”, it will improve (3) and as long as you stay below that 30% or so of your credit limit, it will not hurt (1).
Hope that is not confusing…
Also, if you pay an extra payment after your card “due date” but before the next “statement date”(approximately 8-10 days in between), we have seen dramatic increases in credit scores (as much as 30-50 points in only a couple of months). No guarantee, not sure exactly why, but just stating what I have seen happen…