forgop Posted March 2, 2005 Report Share Posted March 2, 2005 when you're waiting for responses to come back from all 3 CRA's and pay off all of your credit card balances from $1600 down to $0. I went from 57% of my credit card usage to 0% in just one day. I'd like to think with any disputes coming off my scores would get a significant boost. Link to comment Share on other sites More sharing options...
miracle Posted March 2, 2005 Report Share Posted March 2, 2005 Woo Hoo! Link to comment Share on other sites More sharing options...
Valkyrine Posted March 2, 2005 Report Share Posted March 2, 2005 I bet they do get a boost... congrats!!!! Link to comment Share on other sites More sharing options...
forgop Posted March 2, 2005 Author Report Share Posted March 2, 2005 BTW, my FICO score reported from my Providian card jumped from 619 to 634 from Jan to the reporting in Feb. That's before even paying off almost a $1250 balance on my card. Link to comment Share on other sites More sharing options...
workinninetofive Posted March 2, 2005 Report Share Posted March 2, 2005 Congrats.. but did I miss something? You do know that 0 utilization isn't good for your score either, right? Pay down, yes but not completely off. Link to comment Share on other sites More sharing options...
Sultan Posted March 3, 2005 Report Share Posted March 3, 2005 Congrats.. but did I miss something? You do know that 0 utilization isn't good for your score either, right? Pay down, yes but not completely off. I second that opinion. Leave a small balance, small as in $50.00 or $75.00, figured that one out with the FICO score simulator. Link to comment Share on other sites More sharing options...
SevenBagels Posted March 3, 2005 Report Share Posted March 3, 2005 You might want to check the "Obtaining Credit Cards, Auto Loans and Financing" forum Some people there thinks that it is best to keep your balance at 0 as long as you use your card regularly.Check:http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=26191 Link to comment Share on other sites More sharing options...
workinninetofive Posted March 3, 2005 Report Share Posted March 3, 2005 hmmm.. interesting. I read that in the book (30%), I also noticed it on the Fico stimulator as well.. when I put 0 balance in, it did nothing for my scores. Link to comment Share on other sites More sharing options...
forgop Posted March 3, 2005 Author Report Share Posted March 3, 2005 I guess I could technically leave one card with 10% of my available credit on it right now as I was going to pay that one at the end of this week. Maybe I'll just do that. Link to comment Share on other sites More sharing options...
FishOn Posted March 3, 2005 Report Share Posted March 3, 2005 I noticed with one of the FICO simulators that if you enter a $0 balance it assumes you paid off the card and closed the account. I don't know if that works in the real FICO world though. There was a significant difference in that simulator from $0 balance to $1. Link to comment Share on other sites More sharing options...
Valkyrine Posted March 3, 2005 Report Share Posted March 3, 2005 I personally would just pay them off unless I was trying to raise my score for a specific reason, like a loan application, etc.Why have a balance unless its abosolutely necessary?Just my 2 cents. Link to comment Share on other sites More sharing options...
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