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How will paying off my credit card affect my credit score? As your balance goes down, you may notice an improvement in your credit score. Credit utilization is a major factor in credit scores.
For example, if you transfer $6,000 in credit card debt to a card offering 0% intro APR for 18 months, you could pay off the full amount by making $333 monthly payments with no added interest charges.
“The absolute fastest way to raise your credit score is to pay off all your debt or as much as you can. This is because payment history makes up 35% of your credit score [whereas] your credit ...
"For those with $5,000 or less in credit card debt, this is one of the fastest ways to pay off debt. A recent New York Fed Credit survey showed that credit card rejections have risen.
If you had the average American's $6,380 credit card debt and your card had a 23% interest rate and required a minimum payment that's 2% of your balance, you'd pay $128 per month.
Key takeaways. Paying more than the minimum on credit card debt can help you pay down the balance more quickly and pay less toward interest. Lowering your credit card balance also decreases your ...
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