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paying down cc and scores


kjunior
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Get your utilization down under 10% and you could see a major increase in your scores. How much is "major"? Hard to say...Depends on what your score is now, which is calculated based on ALL the information in your file. You also need to have between two and four revolving accounts for this to work. Any more of less doesn't factor in the same way.

Why not purchase your scores, pay down your cards and let us know how much of a bump you got?

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my scores are now 674,595,565

i only have 2 sub-prime cars since my bk ch7 discharge. 1st premier and orchard bank with low limits. 250 and 300 limits. owe 220 on 1 and 241 on the other. just paid 50 on 1 card, but was wondering if i paid another 50 if it would help with score increase and the same with the other card. i had only been paying the min, but want to pay more if i can get a good increase in scores.

i await your response.

thanks for your help

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Okay, since you have two cards...This is what we know for sure.

Paying down below 30% utilization is supposed to give a minor addition

Paying down between 1% and 15% is supposed to give a "major" addition (ooh)

I've also heard that your balance needs to be no more than 9% to get the most points.

Credit scoring software is very complex. So many factors cross-calculate against each other. It is also proprietary. The owners don't release the exact formulas cuz then we could ALL create our own scoring programs and put them out of business. If you really want to know what this is gonna do, you are gonna have to do it and re-pull your scores. I wouldn't pay it down just to see, BUT if you have a purchase coming up that you need a lower score for, then why not? But...whatever you do, post back with your findings. That will add to our data pool.

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