Posted on: 02nd Mar, 2012 02:29 am
I have now become concerned about my credit. Until 6 months back, I never even checked my fico score. I have got loans and new cars fairly easily though got a very high interest rate. I have made a budget and I can have everything paid off in the coming months. My oldest line of credit is a credit card. It is maxed. I know I need to pay it down, should I be using it at the same time? I read you need active credit? And what can I expect as far as my fico score rising is concerned?
When you have decided to pay down your card, it is better not to use it. You can pay down the balance amount and then you can again start using it. It is difficult to say how much your scores will improve once you pay down the card. Nevertheless, it will definitely have a positive impact on your score.
Hi Genny Anny,
I agree with what Niicss has said. Apart from paying down the credit card debt in full, I will also suggest you to check out for the SOL period for such debts in your state. If the SOL period is over, then your credit card company won't be able to take any legal actions against you regarding the payment of that debt.
Thanks
I agree with what Niicss has said. Apart from paying down the credit card debt in full, I will also suggest you to check out for the SOL period for such debts in your state. If the SOL period is over, then your credit card company won't be able to take any legal actions against you regarding the payment of that debt.
Thanks