I put this post in credit repair help, but I don't think it posted for some reason, so I'm trying here.
I've got about $40k in student loans with a utilisation rate of over 95%.
Fico score simulator shows that if I pay DOWN the balance to say 50% utilisation, then my score will jump 20-30 points.
I understand that the score simulator isn't going to be completely accurate, but I'm wondering if it will even help my score at all to pay down the balances? I'm not willing to pay them off completely, as i like open trade lines...but I'm definitely in the financial position to pay them down to as low as 1% util if needed.
However if it's not going to help my score, then I'd rather just keep paying the minimum. We're getting a mortgage soon, and we're about 10 points away from being able to close on one. So I'm trying to find ways to get this done. My revolving util is 2%, so I'm wondering if shaving some balance off my student loans will get me there.
Thanks in advance for any answers!
