Credit Score Impact of Carrying a Balance

High utilization (balance relative to credit limit) can hurt your credit score. Paying balances down lowers utilization and can help your score over time. On-time payments are also critical. Avoid missing payments, and consider setting up autopay for at least the minimum due.

Use the calculator to plan a payoff timeline. Lower balances can improve utilization, which is a significant factor in most scoring models.

Key factors

• Payment history (largest factor): never miss a due date.
• Utilization: aim to stay under 30%, lower is better.
• Length of credit history and mix: keep older accounts open when possible.