paying off revolving debt with consolidation loan question

[Anonymous]

I had 20k in cc debt and i took out a consolidation loan to pay it off.

 will my credit score go up becuase my cc debt is 0? i know credit card limit utilization is a big factor  so seeing its now 0$ on all cc will that help even tho  my actaul total debt didnt go down?

[Anonymous]

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@Anonymous wrote:

I had 20k in cc debt and i took out a consolidation loan to pay it off.

 will my credit score go up becuase my cc debt is 0? i know credit card limit utilization is a big factor  so seeing its now 0$ on all cc will that help even tho  my actaul total debt didnt go down?

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It depends on how much your UTI was hurting your scores. Without knowing the details, it could have been a little, or a lot. You'll know when the cards all report.

[Anonymous]

What were you CC utilization %? Did you pay off the entire amount?

[tufa4311]

As mentioned, it's not about your balance of revolving accounts, it's about your utilization of those accounts. You had 20k is credit card balances - well, if your total available credit is 200k then you were only using 10% of your overall credit thus bringing it down to zero will not be a huge factor. Now, on the other hand, if you were using every dollar of credit you had and were at 100% utilization your score has the potential to shoot through the roof. It's all relative - 20k relative to what?

[Revelate]

For scoring purposes you want at least one card to have a small balance on it, all $0 is a negative under every FICO model we're aware of.