Paying down CC balances..
...how much does it help?
04-12-2013 09:52 PM
I have a question about how credit card balances work on your credit report.
If for instance, someone had nearly maxed out all of their CC's and then paid them all down under 30% utilization would their scores go up the same amount as if they paid them down slowly? Is it a progressive score increase or can the turn around really be overnight if for instance the CC's went from 90% utilization to 8%?
Also, If you have 5 CC's at 90% utilization but your overall utilization is 4% is the maxed out cards hurting your credit that much if your total util is very low?
Starting Score: 600
Current Score: 626
Goal Score: 720
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