citrusurprise asked:
Does having cash available in checking/savings effect my credit score? Or is it better to take that cash and pay any debts?
Dean
Does having cash available in checking/savings effect my credit score? Or is it better to take that cash and pay any debts?
Dean
Eddie
it has no effect on your score.. You should pay off as much debt as you can afford- otherwise you’re wasting your $ on paying interest on the debt.
Melinda
It’s always better to pay down any outstanding debts as this will better your debt to income ratio. Cash held in chequing and/or savings accounts are not reported to the credit bureau so it has no effect.
Willie
Your credit score is affected only by things that are reported. Cash on hand in your checking/savings account does not affect your credit score.
Paying debts may affect your credit score if the debt holder reports your debt to a credit bureau.
I have more information on how your credit score is figured on my website. Check my profile for the link if you like.
Dorothy
what he said
Alfred
You might want to read this article on improving your credit score,