Will paying off my credit card balance every month improve my credit score?
Paying off your credit card balance every month may not improve your credit score alone, but it’s one factor that can help you improve your score.
There are several factors that companies use to calculate your credit score, including comparing how much credit you’re using to how much credit you have available.
While consistently paying off your credit card on time every month is one step towards improving your credit score, there may be cases where you have a high balance on the day the report is made, which may impact your score even if you pay it off the next day.
How to get and keep a good credit score
There are several guidelines that can help you improve your credit score and keep it strong:
- Pay off your loans on time, every time
- Don’t get close to your credit limit
- Establish a long credit history of making payments on time
- Apply only for the credit you need
- Check your credit reports for errors or inaccuracies
Learn more about managing your credit cards or how to improve your credit record.