Does it hurt your credit to have a few credit cards with balances on them that you are paying off?

No late payments yet.

Does it hurt your credit to have a few credit cards with balances on them that you are paying off?

your credit score is determined by: total credit limit vs total owed.

and of course your payment history.

Does it hurt your credit to have a few credit cards with balances on them that you are paying off?

actually it helps your credit.....especially if you pay a little or a lot extra a month.!.

Does it hurt your credit to have a few credit cards with balances on them that you are paying off?

It%26#039;s good to have a couple of credit cards instead of just one. Your FICO score will raise with two different lines of credit.

Be sure you pay on time, keep your balances low and that will raise your FICO score too.

Later, get a personal loan at a finance company or bank. The interest rate will be high, but take the loan money and stick it in a savings account. Make double or triple payments on the loan with that money so it%26#039;s paid off soon with minimum interest. Installment loans are weighted differently (better) on FICO so you want to have one.

The other 2 big ways to build a strong FICO is with a car loan (weighted differently than credit card or regular installment debt).

Last to build is a mortgage, but that%26#039;s for later. If you take very good care of your credit, you%26#039;ll get a very good interest rate when you buy a house some day.

Does it hurt your credit to have a few credit cards with balances on them that you are paying off?

It doesn%26#039;t hurt your credit as long as you pay on time each month. Try to pay them off as quick as possible, since you are paying a lot of interest on your balances. If you are late on one card, all the other card companies will find out and jack up your rate up to 30%! It%26#039;s better to pay them off every month.

Does it hurt your credit to have a few credit cards with balances on them that you are paying off?

when you pay of your balance your credit score goes up

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