Will this help my score?

[Anonymous]

My score is in the mid 500,  I have now paid all of my credit cards off and I have now finished with my installment loans.  I did close 2 credit cards because they were charging me a monthly fee even if I didnt have a balance. So I now have only 3 credit card with zero balances and small limits ( $300- $600) and no installment loans. Will it go up now or am I stuck because I have no activity going on?

[LIGHTNIN]

Sorry I don't know the answer to your question, but I am sure someone will pop in soon.

BTW welcome to the forums. If you haven't already, check out the sticks at the top of this page. Check out freq req threads, in there you will find common abbreviations used here and how scores are calculated in credit scoring 101.

Hope its helps

PS read alot before doing anything and post questions here

Where did you get you scores?? There is a difference between FICO and FAKO's scores

Message Edited by LIGHTNIN on 08-10-2009 08:16 PM

[guiness56]

Welcome to the forums!

Do you have any negatives on your CRs?

Do not let your cards sit at a 0 balance.  Since you have 3 let 2 stay at 0 and use one of them.  Keep utilization at 9% or below and pay in full before the statement comes out.

Your history is also factoring into your score.  How old is your oldest account?

[Anonymous]

According to my fico, my length of credit is very good, my new credit is very good, and my amount of debt is good.  It is my payment history that is poor,  I went through a divorce and my ex husband charged off a vehicle and then paid it off after the charge off hit.  I also had a cap one cc that was a collection and I had made a settlement with the collection agency if I paid it off that day they would drop the amount, which was"interest". Cap one is now reporting i still have a balance of the amount they agreed to discount if I paid it right away.