Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
Re: Paying down CC balances.....how much does it help?

rajirog wrote:

80 points increase?


Back in Nov 2012 i had a revolving ratio of 51%. My FIco was 664


Last month I bit the bullet and paid off ALL my balances $11,000 worth.  My score only went up 16 points. 


My score now sits at 688. I had a couple of score increases since nov 2012 before i paid everything off. 


I did open a a few new credit card accounts in septermber last year, right after I purchased my home so i think the new credt is hurting me at the moment. 


I really want to break into the 700's, but i have nothing to pay down so i guess it's just a waiting game now?

You don't want all of your CC reporting a 0 balance.  FICO likes to see you have credit but use it wisely.


Do you have any negatives on your CR?