Please help! I have one credit card left to pay down and it is w/ WaMu. (no other CC's). Credit limit was $1,000, balance is now at $2,600. My scores are TU 620, EQ 570 and Exp 610. When I do the FICO predictor, and pay down to about $80 balance (pay off $2,520), my TU goes from b/w 650-690 and EQ 622-650. I need to refi soon, as my crappy rate (at 9.9%!!!) will reset at an even higher rate. I have the cash to pay the CC off, but I am curious as to whether my scores will really increase b/c the credit card is closed, and I have no other credit cards. I want to apply for a few, but would like to raise my score into 630-650 range first! What will happen if I pay down a closed CC - will it continue to use my 1,000 old credit limit in my utilization calculation or will $80 left report as $80 on an $80 utilization or 100% and again causing my score to do nothing? Please advise fast as I want to pay today, so it will report on May 15!
Thanks so much to all of you who have helped me! My scores were all BELOW 500 this time last year. Lots of hard work, patience and reading, and I feel like it is all starting to get better!
