I have 37k in credit card debt that is negatively impacting my credit score. If I pay off a significant portion of this debt how long will it take for my credit score to improve?
what kind of change does it take to dramatically change your score? Mine is currently at 600. The high debt ratio and the number of credit cards is dragging the score way down.
If I close credit card accounts will that negatively impact my score?
Closing the CC's will DEFINITELY hurt your score...but you would have to pay before you close anyway...so why not keep them open...as soon as the CCC's report...you will see an increase INSTANTLY...take you debt down...piece by piece...score go up when UTL is...49%39%29%19%9%...bigger increases will be when UTL is between 1%-5%...
