Debt Help Services

Question: Paying off credit card and lowering my credit score?

I have an $800 credit card debt that I plan on paying off during the next year. Does my credit score go up once I start paying on it or after it’s paid off? And is there a free way to see your credit score? If not, what is the cheapest site?

Answer: You have many credit scores, not one. You can see one of your scores for free at http://www.creditkarma.com but that score is used only by that site and not by lenders. To see any of the various scores that lenders use, you do have to pay.

You credit score goes up a little once the credit card company starts reporting the payments, which can take a few months. It remains lower than if you never had this debt for seven years, even if it is paid sooner.

Handling holiday debt may not be cut and dried

You have $1,000 in holiday debt in one hand. In the other, an offer to move the balance to a credit card with a lower rate. So what's the hold up?

The importance of paying off debt in a timely manner, especially credit card debt!

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