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Frequent Contributor
WarJar101
Posts: 341
Registered: ‎08-14-2012
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Credit Score Question

Hey guys just wondering, if I have a 300 dollar balance on a 500 dollar limit card, and I could only afford to pay 100 dollars towards the balance (as the minimum payment) will credit score go up or down, or remain the same? Minimum Payment = $25.

Cap One Platinum MC $2.5k CL (08/12)
Citi Forward Student Visa Card $1.5k CL (09/12)
Express NEXT Card $0.25k CL (02/13), Jcrew CC $0.7k CL(02/13)
AMEX PRG NPSL (03/13), AMEX Gold Delta Skymiles 2k (03/13)
Walmart Credit Card $1.5k (03/13)
TU: 687 FICO (3/13) | EX: 692 Lender Pull (3/13) | EQ: 678 (4/1/13)
Moderator
Revelate
Posts: 9,547
Registered: ‎12-30-2011
0

Re: Credit Score Question


WarJar101 wrote:

Hey guys just wondering, if I have a 300 dollar balance on a 500 dollar limit card, and I could only afford to pay 100 dollars towards the balance (as the minimum payment) will credit score go up or down, or remain the same? Minimum Payment = $25.


Hopefully a mod will move this for a more detailed response; however, in general the lower your utilization rate both overall and on an individual card, the higher your FICO score will be.  There are some breakpoints, i.e. $16 on a $7698 balance is unlikely to make a difference, but in this case going from 300 one month to 200 the next on a $500 limit card, is likely to produce a change in your FICO score in the upward direction... on the assumption the rest of your balances remain flat rather than going up.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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