60 points very good! High utilization on CCs (credit cards) is one sure fire way to tank your scores. Util% is calculated like this: Card 1 CL 500, balance 300 = util of 60% and this is bad! If you can pay all of your CCs to < 50% util you will see some improvement, <30% util even better, 1-9% ideal, max FICO points. PIF doesn't necessarily hurt your scores but having all your CCs reporting 1-9% util is just better. After you pay down your CCs it might take 30-45 days before the credit bureaus report it. This is a good read, lots of useful info on this topic as well as other credit scoring topics.
bad_credit wrote:Last year at this time I checked my FICO score on Score Watch before canceling the service, and it was 510. Today I checked it and it is 570.Keep in mind that I filed BK in Dec '03. Is that steady progress?Additionally, I have three CC and a car loan (since the BK).Card 1 limit 500Card 2 limit 300Card 3 limit 300Of course, cards two and three are almost maxed due to an unexpected death of a family member where I paid 500 dollars to assist the family with expenses. If I were to pay these off, could my score increase? I am expecting an increment check from where I work next month that would pay these in full. If I paid these in full, could I eventually see this score raise?Thanks for any assistance.