Re: Paying down CC balances..
...how much does it help?
04-14-2013 08:48 PM
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?