Will My Credit Score Go Up If I Pay Off My Balance?
If you're carrying a credit card balance, you're not alone. The typical U.S. household with outstanding debt is about $16,000 in the hole, and that's just the average -- there are those who owe considerably more.
Not only will carrying a credit card balance subject you to an ongoing cycle of interest charges, but it might also end up destroying your otherwise good credit score. On the other hand, if you manage to pay off your balance in full, you'll improve your credit utilization ratio, thus boosting your FICO score and making it less expensive to borrow in the future.
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Source: Fool.com
