Will double payments improve your credit?

Deal Score0

I have a small mortgage on my home that costs me about $ 1000 a month. My credit score is approximately 685 and I was hoping to start pushing it up past the 700 mark. Somebody told me that if I have my electronic bill payment make two $ 500 payments every two weeks instead of a once-a-month $ 1000 payment that my credit could actually climb faster. Any thoughts?

  1. Reply
    July 21, 2011 at 1:39 am

    Paying off your debts improves your credit score.

  2. Reply
    July 21, 2011 at 2:30 am

    That will help you pay off your mortgage faster, if the mortgage company credits you for half the payment received two weeks early thus reducing the interest, but it is unlikely that it will increase your credit score. Having fewer credit cards, never being late on any of them, refraining from applying to too many cards (someone checking your credit is shown, and can reduce the score). If you have credit on numerous cards, it would behoove you to pay off the smaller ones and then close the accounts. The absolute worse thing you can do is ever be late on a payment.

  3. Reply
    July 21, 2011 at 2:54 am

    not really. But if you have a credit card and pay it off each month that will move your credit rating up. Mind is 786. I have one credit card one car loan and one mortgage. I pay between 25 to 100 more than payments and credit I mostly pay it off each moth.

    Don’t be late on payments and on Morgage you can make more than one payment. Pay ahead a month or two.

  4. Reply
    Paul M
    July 21, 2011 at 3:14 am

    At the most making double payments will pay off your mortgage faster. Just be sure to tell the mortgage company you want the extra money on the principal cause they will for sure try to put some if it on interest payments

  5. Reply
    July 21, 2011 at 4:02 am

    The bi-weekly payment method is to help you pay down the house faster. By the end of the year, you will have paid an extra mortgag payment.

    A mortgage is considered a good debt and just having one on your report (with on-time) payments improves your score. Credit cards are the bad debts…I would focus on paying those down.

  6. Reply
    July 21, 2011 at 4:39 am

    Paying down debt will help your score..I believe that’s one of the biggest factors..besides never being late..but double payments won’t help your score by itself

  7. Reply
    July 21, 2011 at 5:26 am

    No, But it does pay off the principal faster

  8. Reply
    July 21, 2011 at 5:26 am

    No! Just making the payment s arrive on the due date will improve you credit ratting.

  9. Reply
    July 21, 2011 at 6:18 am

    Double payment will not improve. As a matter of fact, the creditors will end up being pissed-off because they know they won’t be able to make more money due to the fact you are trying to pay off quicker.

    Leave a reply

    Register New Account
    Reset Password