how far up?

[Anonymous]

hey can anybody tell me how far up a fico score goes up if you paid 550$ on a 588$ balance(visa) and 1500$ on a 2500$ balance(master card).  trying toget a fico score of around 585(currently 534 equifax) so i can use my va loan to buy a house.

[Creditaddict]

it's really hard to say without knowing what else is bringing your score down, but I would guess 20-30 points for each util bracket you get under. so if you went back and paid another 800-900 on the mastercard I think you would see maybe another jump that might put you in your range.

[Anonymous]

To tell you thee truth all I have is a car payment and a personal loan payment and I never missed a payment.  now 4 years ago I had terrible credit I think my scores were in the low 400s been pretty clean since that, actually my score peaked at 575 then I maxed out my credit cards.  very frustrating because I have a very low debt ratio and make descent money now.  I wish I would have been better educated on the importance of good credit.

[Creditaddict]

oh if all you have is a car loan and personal loan... you need some credit cards!

Couple Visa or Mastercards and 1 store card should give you a great score boost

[haulingthescoreup]

Paying down balances on loans has very little affect on your FICO score.

If you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums.

Message Edited by haulingthescoreup on 02-06-2009 03:07 PM