Does paying off your credit cards hurt your credit score?

Simple ways to boost your credit score
Updated: Aug. 28, 2020 at 6:04 AM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

RICHMOND, Va. (WWBT) - Experts are always telling you to pay down those cards first, so you don’t have to pay interest on your purchases. But if you want to raise your credit score, there’s a catch.

As it turns out, you’re better using 1 percent of your credit limit as opposed to zero according to our partners at the financial website Nerdwallet.

The two biggest factors that make up about two-thirds of your score are paying on time and the amount you owe.

That credit utilization is one of the easiest and quickest ways to boost your score.

Card issuers report your new balances to the credit bureaus each month immediately changing your utilization.

If you can’t get it down to 1 percent, then shoot for 10 percent.

And just so you know, the top 25 percent of FICO credit scorers use about 7 percent of their credit limits.

How else can you boost your credit score? Go to and check for errors. Mistakes are common and can have a drastic effect on your score.

Don’t close credit card accounts and if you apply for any new card, make sure it’s been at least six months since your last credit application.

Copyright 2020 WWBT. All rights reserved.

Submit a news tip.