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New Visitor
Posts: 3
Registered: ‎05-28-2008
0

Credit Score Changes

I have 37k in credit card debt that is negatively impacting my credit score.  If I pay off a significant portion of this debt how long will it take for my credit score to improve?
Valued Contributor
Posts: 2,205
Registered: ‎12-06-2007
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Re: Credit Score Changes

Once the lower amounts are reported by your creditor's and updated with the CRA's, you should see a change.
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New Visitor
Posts: 3
Registered: ‎05-28-2008
0

Re: Credit Score Changes

what kind of change does it take to dramatically change your score?  Mine is currently at 600.  The high debt ratio and the number of credit cards is dragging the score way down. 
 
If I close credit card accounts will that negatively impact my score?
 
Valued Contributor
Posts: 2,340
Registered: ‎04-08-2008
0

Re: Credit Score Changes

Closing the CC's will DEFINITELY hurt your score...but you would have to pay before you close anyway...so why not keep them open...as soon as the CCC's report...you will see an increase INSTANTLY...take you debt down...piece by piece...score go up when UTL is...49%39%29%19%9%...bigger increases will be when UTL is between 1%-5%...
New Visitor
Posts: 3
Registered: ‎05-28-2008
0

Re: Credit Score Changes

Thanks
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