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Frequent Contributor
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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.

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Posts: 10,898
Registered: ‎12-30-2011
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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 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


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