I'm curious if I make an advance payments of 5 months would my credit score increase even greater?
You'll need to sign in or create an account to connect with an expert.
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
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
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Dawnbarajas
Level 1
Tamara603
New Member
ji1997
New Member
Dawn1315
New Member
seanreynolds2007
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.