Asep
Lv 7
Asep asked in Business & FinanceCredit · 2 months ago

Will this trick work to increase my credit score?

Somebody said to make a payment 15 days before the due date and then pay the rest 3 days before the due date. Does it trick the system?

14 Answers

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  • Dan B
    Lv 7
    2 months ago

    There are no tricks to increase your score short term.  There are two dates:  Statement closing date and the payment due date.  Payment due dates are 21 days following the statement closing date.  Credit card balances and utilization ratios are reported as of the statement closing date, not the payment due date.  If your credit card limit is $5000 and you have a $4000 balance,  your utilization ratio is 80% (really bad) even if you pay it the day following the statement closing date or the day before the payment due date.

    One way to improve your score is to not carry more than 10% of your limit into the next billing cycle.  Best is to keep the balance paid off to $0.00 before the statement closing date.

    Even if  you follow the above, there are other factors that affect your score that you have no control over.

  • 2 months ago

    There are no tricks.  You cannot deliberately increase a score - in the short term. If you deliberately manage your credit responsibly, over time your score will go up.You can deliberately decrease one in a hurry, however.

  • 2 months ago

    It does not trick the system at all.

  • 2 months ago

    There's no "trick" that works. You either pay the bill within the time frame designated, or you don't. Nothing ELSE you do will either decrease or increase your score. 

    Scores aren't updated that often in order to see so much difference. 

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  • 2 months ago

    No.  You get the same score that way as if you paid it all at one time.

  • Judy
    Lv 7
    2 months ago

    no.............................................................

  • 2 months ago

    Nope, all the computer shows if the statement was paid or not

    All the credit reporting bureau will show paid in full on time

  • 2 months ago

    No, it doesn't. Either way the payment is going to report when the creditor reports that months payments. If it all falls under the same month it isn't going to matter how many payments were made.

  • 2 months ago

    Nope.  No 'trick' will work.  In this case, it would be no different than paying all at once especially if you're talking about a fixed loan and not a line of credit like a credit card.

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    Longer answer: 

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    Your score is hurt if you don't pay on time.  It will be reported to the credit agency if you are more than 30 days late.  That means pay at least the minimum to avoid this negative.

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    There are things which affect your score in the short run (one reporting cycle) as well.  Having a balance, even if it isn't due yet, can cause a temporary drop in your number.  This is because your score includes a credit utilization portion or "how much of your credit line are you using?".  If at the time they report, which you don't know, you have a $400 balance on a $500 credit limit, then that's a large percent.  (Even if it's not due for another week.)  MAYBE this is what this person was trying to beat, but given you don't know when they report you're just playing guessing games.  AND, again, this is just a point in time small hit.  Next week it may be back up.  

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    If you're needing to have the highest score you can for a car or house loan, then keep your credit card balances low for the month prior to the purchase.  Otherwise, it won't matter.

  • Tavy
    Lv 7
    2 months ago

    No, a full payment raises your credit score.

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