Anyone had a significant increase in their FICO Score by just by paying off CC Debt???

[daisyduke]

I have two open CC's....

[llecs]

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daisyduke wrote:
HI, Thanks for your response. I only mentioned the lease because that will be all I have left - is one teeny installment loan that will be over Nov 18th (last payment)....so i won't have any other things open, they will be paid off...

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But you'll still have your opened CCs reporting too. That's a start. Keep paying them down. Let one report $0 and the other report $1 or so (you could always tweak the balance later for optimum points). Is at least one of these CCs a revolving CC like a Visa or MC?

[daisyduke]

Thanks Illecs. Yes one is a Visa...I'll report back to let you know how my score will be affected by doing this.

[Anonymous]

I once paid all my debt and my score went down.

[daisyduke]

thanks Casino Annie - that stinks....watch, that will probably happen to me! Nothing else occured with your CR report during that time? You just paid off your debts? interesting...

[Junejer]

0% util on all CCs is not good for the FICO.

Message Edited by ByrdMan on 04-23-2009 07:09 PM

[daisyduke]

Thanks ByrdMan - I will pay it down to 90% then....see what happens. Great advice.

What's the worst that could happen....

I will report back in July once the CRA's report the account.

[llecs]

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daisyduke wrote:

What's the worst that could happen....

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You save money via lower interest.   

[Junejer]

I forget. Is this your only open CC? If so, pay it down to like $10 or something and let that balance report. See what happens that way. It's better than having $0 report on all open CCs.

[daisyduke]

Thank  you again. I have two open CC's. Just applied for another one so i'll add that to the mix. But the new card is only to build credit. Not really to be used that much. For maybe a pedi or a mani here and there then pay it off every month. If that's a good strategy....according to my fico, not having a mortgage hurts me big time

the ultimate goal is to get my name on the mortgage. that will help me so very much. but a low score that i have - too embarresed to even go to a loan officer when the husbands score is 750...coupling it with mine prolly not good.