Credit Score Vs. Debt

[timmis1127]

Hello, I have about $32,000 in credit card debt and my equifax score is 642, and I can afford to make my payments at the rate I'm going all my debt should be paid off by the end of next year, and what my question is, when everything is paid off is my credit going to be effected because of the amount of debt I have now?

[laz98]

you mean, will your credit improve because you will have paid off all of your debt?  then yes.  by how much?  no one can say for sure.

[haulingthescoreup]

FICO scores have no memory for past debt/ utilization.

In other words, your score is a snapshot of what is on your credit report(s) at the moment that you pull a score. If your balances have all been knocked down, then your score will reflect that, without any penalty (or reward) for formerly having had a lot of debt.

Congrats on getting on top of your debt! That's the only way to go in this day and age.