Paid of credit card

[KeithGinn]

I am 20 years old and i had an installment loan with a bank for my truck and a kay jewelers cc for my wifes ring. I paid off the installment in full and wrote a check for $3,600 and the kay for $1,600 paid in full. I also have a shell gas card for one year now. My credit suffered from the kay cc bc it looked like a maxed out cc but it really wasnt. My fico score was 720 before the kay and bc of it maxed out it fell to 640. Will my credit go right back up bc i paid it off in full?

[MarineVietVet]

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@KeithGinn wrote:
I am 20 years old and i had an installment loan with a bank for my truck and a kay jewelers cc for my wifes ring. I paid off the installment in full and wrote a check for $3,600 and the kay for $1,600 paid in full. I also have a shell gas card for one year now. My credit suffered from the kay cc bc it looked like a maxed out cc but it really wasnt. My fico score was 720 before the kay and bc of it maxed out it fell to 640. Will my credit go right back up bc i paid it off in full?

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Hi Keith,

Yes your score will rebound as quickly as it dropped if nothing else has changed on your report. This shows the importance of paying in full before the statement posts. If you'd done that your score would not have suffered. Utilization is 30% of the total FICO score.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

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[tianapb725]

Congrats on paying off those balances!  It's such a good feeling!

[KeithGinn]

Aww man its a great feeling!!!