Credit Card Center Advertiser Disclosure

New Member
Posts: 4
Registered: ‎04-07-2007
0 Kudos

How will paying down my credit cards affect my credit score?

[ Edited ]
So here are my credit score ....... Experian 708 | Equifax 648 | TransUnion 639 I have just paid off about $5000 of $15,000 of credit cards debt. The $5000 I just paid off covered 4 credit cards and the remainder that I owe is on a single card, so I only have single card with a balance (10,900). So how will paying off these 4 credit cards affect my credit score? About how long will it take for this cards to be reported as paid. I have been looking into buying a new car and I would like to be able to do better than 7.5% on the APR. Does anyone have any experience with Equifax Rate Finder and how accurate it is with it's loan rates. Any ideas or feedback would be greatly appreciated. Message Edited by bnewton on 04-13-2007 08:01 PM

Message Edited by bnewton on 04-13-2007 08:02 PM
Posts: 83
Registered: ‎03-22-2007
0 Kudos

Re: How will paying down my credit cards affect my credit score?

[ Edited ]
    When I paid down $8000 of my credit card debt in Feb of this year, my scores shot up 30-50 points after those accounts updated.  If you paid down all or off all of your balances on 3 out of 4 of  your credit cards, you should see a bump in your score.  But if that $10,400 balance on your other card is above 50% of your credit limit, your score will continue to be dragged down.  The rule of thumb is to pay down cards that have the highest balances, so that you can have a better UTI.  In other words if you have a $10,000 credit limit, and the balance is at $8,000 you are at 80% uti.  Getting that card down to $5000 is better, $3000 is even way better since your uti would only be at 30%.  The lower the balances on high credit limit cards, the better it is for you and the higher your score will be.

Message Edited by antredd67 on 04-14-2007 06:08 AM

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.