cancel
Showing results for 
Search instead for 
Did you mean: 
Panyino20
New Member

Credit score

I'm curious if I make an advance payments of 5 months would my credit score increase even greater?

1 Best answer

Accepted Solutions
tagteam
Level 15

Credit score

Advance payments on what type of credit? 

 

Regardless, if the payments serve to reduce your credit utilization ratio, your score will increase.

 

https://www.thebalance.com/what-is-a-good-credit-utilization-ratio-960548

View solution in original post

2 Replies
tagteam
Level 15

Credit score

Advance payments on what type of credit? 

 

Regardless, if the payments serve to reduce your credit utilization ratio, your score will increase.

 

https://www.thebalance.com/what-is-a-good-credit-utilization-ratio-960548

View solution in original post

Opus 17
Level 15

Credit score

Your credit report tracks whether or not you pay on time each month.  Making a larger payment won't improve your history of paying on time.

 

Your credit report also tracks your balances as a percent of the original amount (such as a car loan or student loan) and also tracks your combined balance as a percentage of your available credit (your maximum borrowing ability). Making a larger payment to reduce your balance will definitely help these two factors. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
v
Privacy Settings