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@Anonymous wrote:
I am 25 years old and found out yesterday my credit score was 563... I have been panicking about this since. I have 1 credit card that is showing a balance of 5,500 with a limit of 5,000. My current balance on the credit card is actually 4600 as I made a large payment last week. Will that help my score at all next month? I also have a late payment of 120 days, but all accounts are current. How much would it help if I paid all my debt off on the card and made on time payments from here on out? Sorry I just don't know what to do and I never ever thought my credit would be this bad I pay all my other bills on time. Please help!
Let's start with the above and then look at mix of credit.
@Anonymous wrote:
I am 25 years old and found out yesterday my credit score was 563... I have been panicking about this since. I have 1 credit card that is showing a balance of 5,500 with a limit of 5,000. My current balance on the credit card is actually 4600 as I made a large payment last week. Will that help my score at all next month? I also have a late payment of 120 days, but all accounts are current. How much would it help if I paid all my debt off on the card and made on time payments from here on out? Sorry I just don't know what to do and I never ever thought my credit would be this bad I pay all my other bills on time. Please help!
It would be highly advantageous to do so. How much in terms of points on your scores is anyones geuss, but my scores rose almost 50 points from paying down my two maxed out credit cards last december, and I'm up over a hundred points since august of 2014, just from keeping UTI down, adding a few more credit lines and keeping up on payments.
Where did you get your score from BTW?
@Anonymous wrote:
It was actually on a denial letter from the discover it card, which is the only application I've had in years. Is that accurate?
Yes, its accurate. What current revolving accounts do you have?