Credit Cards

[highcountryblues]

Question is this? If you have five credit cards and the each have a low credit limit,Two at 500,two at 800 and one for 1000..and all five cards carry a high balaced owed...over 60% to 80% used on ther credit limit, which we all know will bring your credit score down.

1.You go and pay them all off or at least pay them down below the 30% mark how many points would a person see increase on there score???

2. Would it be better to pay them down slowly with large payments for the next couple of months??

Thanks!    

[74king]

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highcountryblues wrote:

Question is this? If you have five credit cards and the each have a low credit limit,Two at 500,two at 800 and one for 1000..and all five cards carry a high balaced owed...over 60% to 80% used on ther credit limit, which we all know will bring your credit score down.

1.You go and pay them all off or at least pay them down below the 30% mark how many points would a person see increase on there score???

2. Would it be better to pay them down slowly with large payments for the next couple of months??

Thanks!    

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No one really knows that for sure....but if you pay all your balances down, realistically you should see maybe a 15 to 25 point positive swing if you don't have any negative item's on your report. It will also depend on the history you have AA etc. allot of things play into how you will be scored. But you will really know what will happen once you pay it down like you state, then you will know for sure. Good luck 

King