Regular Contributor
Posts: 222
Registered: ‎01-08-2011
Re: Paying down CC much does it help?

I went from 85% util to under 5% and my scores went up 80 pts.


Siobhanmairead wrote:

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?