@Anonymous wrote:I want to pay 30% off of what I owe on my credit card (i.e. pay $150 off a $500 debt). Any idea how many points this will make my credit score up?
Any experience with such a situation?
Not knowing your before or estimated after details, see below...
I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?
No one could ever really tell you, there are far too many factors. Plus it depends on overall utilization as well.
@Anonymous wrote:My experian score says its 620. I have 70% utilization overall between all cards. I have a 100% clean record with payment history, I have a good credit mix (credit cards, retail card, personal loan, bills), I've had my cards for a year and a half rebuilding credit after a long absence - I didnt own any cards previously. The only problem I have is utilization and I had too many credit inquiries after following bad advice from a Youtube video.
Check out the first link on utilization. It's a great scoring primer.
Hang out and read as much as you can. You'll learn a lot.
High utilization is hurting your score. If not credit seeking, then it may or may not be an issue. If seeking credit, then you want to optimize your credit reports by reducing your utilization.