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Depends on lots of things, especially what percent usage you have now, and what you bring it down to. Unfortunately it might not happen immediately, but over time. Usage means the current balance divided by the max limit. Lenders like to see you using less than 30% of your total maximum limit. Then again, it's good to pay down credit cards for other reasons than just to improve credit score. Lower balances means less money going to interest. That's extra money in your pocket.

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โˆ™ 2007-12-06 23:57:57
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Q: How many points will your credit score increase if pay down credit cards?
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If you have three credit cards would it hurt your credit score to close two out of the three cards?

It may. The target range for maximum points to your score is two to four revolving accounts. Managed properly and paid on time will cause points to be added.


How many points will your credit score increase with each negative item removed?

100


How can you improve your credit score 20 points when you have just old medical bills to pay and will this help?

You have to have a open active account in order to get a credit score increase.


How many points does your credit score increase after a mortgage refinance?

If the mortgage refinace was used to pay off other debt, it my increase your score. Not sure by how much.


What is the fastest way to increase an individual's credit score?

1. If you dont have credit, get 2 credit cards. 2. Make SMALL purchases on your credit card. 3. Pay off your credit COMPLETELY each month. 4. Wait 12-24 months. 5. If you have a credit card, but have a high balance, pay it down as much as possible. your credit score can jump 50-100 points if you payoff your credit cards. 6. If you are applying for a mortgage and have bad credit, many times the large national lenders such as Wells Fargo or Chase can better help you raise your creddit score. They can tell you that you need to payoff this, this , and this to get your credit score to jump 50 points. Good luck! Henry


What Credit cards will approve credit for credit score 544?

I dont think there is.. because in order for you to get a high credit score you have to pay on time or in full payment then to increase your credit limit you have to purchase more but you have to pay it in full. so better purchase on things that you are able to pay it in full. that will make your credit score increase. first premier will and if you pay each month on time in 6 months time youll see your score increase rapidly so it does help.


How to clean up credit report after bankruptcy?

Keep in mind that a bankruptcy will affect your credit score. What you must do now is add good credit e.g. secure credit cards and maybe a secure loan will increase your credit score within 2 years. Your credit scrore primarily judge consumers on what they have done within the last two years. If you add good credit, your score will increase.


How many points does foreclosure decrease your credit score?

how many points dose foreclosure decrease your credit score


Why is your credit score important?

Your credit score is one aspect of your credit worthiness that is used to determine your qualification for credit (credit cards, loans, advances). In addition to establishing your general ability and willingness to repay credit, it can determine the terms of that credit (interest rates, periods, points). The score is widely seen by credit and capital providers as the "grading" of your suitability for credit.


How many credit points a month do you get using a secure credit card and paying on time?

You don't get monthly points, it doesn't work like that, the only way to increase your score is to have good positive open trade lines with no lates and as they get history and age on them your score will increase as time goes on.


Can paying off credit cards increase your credit score?

Yes off course. Paying off any debts will increase your credit score.


How do credit cards affect an individuals credit history?

Credit Cards greatly impact a credit score. In fact, 30% of your credit score is determined by how well you use credit cards. (Utilization Rate). You want to keep your Utilization rate at 20% or less of the credit limit.


When should you close unused credit cards and will this hurt or help your credit score?

Usually closing accounts will hurt your score because if you have debt on other cards, your debt to available credit ratio will rise and it can ding your credit score.


How many points will your credit score go up if you make payments for 6 straight months?

== == Your score could increase anywhere from 10-60 points total. There is no concrete number, this is an estimation.


How do I build up my credit score with credit cards?

You can build up your credit score with credit cards by wisely using your credit every month and paying it off in full every month. By paying off your cards, you slowly build up your credit score.


You paid off judgment How many points will your score increase?

It is importance to pay off a debt regardless of the type of debt that you owe, but your credit score will not increase nor decrease when you make a payment. Time and consistent monthly payments to your debts will increase your score.


Do NetSpend cards affect your credit score?

no


Is a 559 a good credit score?

I have the same score. Try applying for a couple of credit cards and increasing it


Does having multiple credit cards hurt your credit score?

Having the cards does not. Having large debts on them does.


How does paying by credit card affect your other credit cards?

Generally, paying by credit card does not impact your other credit cards UNLESS you are attempting to get a credit line increase on one of those other credit cards. When you use your credit card, depending on the timing of credit bureau reporting, your credit score may be negatively impacted if you have a balance (whether paid off in full each month or not) that is equal or greater than 30% of the card's credit line. In this case, the score may have been impacted enough where the other credit card company may not grant a credit limit increase.


How much will my credit score improve if?

If you file bankruptcy it'll drop 100 points from whatever it is now and your interest rates on loans you take out will be high. If you get 3 credit cards and use half of your credit one month on two of the cards and then pay them off the next month and on the month that you paid off the 2 cars you use up the credit on the 3rd card, your credit score will increase within 3-4 months at least 20 points. If you take out a secured loan with your bank where you pay the bank $2000 cash and take a loan out on your own money for 6 months your credit score will increase 15-35 points in that timeframe. If you own stocks in the stock market (minimum for the NASDAQ/NYSE is a $2000 account) your credit rating will rise. If you purchase a car on a loan that takes up most of your income, your risk of default is high, which you'd then lose about 50 points on a defaulted car loan if you did end up defaulting (its not the best way to improve your credit). If you have at least 3 lines of credit and a bank account your credit will improve around 30 points. Combining these 'If' scenerios together will not add points to your score exactly. However, having more open accounts of Asset compared to Credit accounts will improve your score dramatically over time.


How bad is my credit due to unpaid credit cards?

You credit score will decrease significantly if you do not pay your minimum credit card payment every month. Unpaid cards will be reported as delinquent and really destroy your score.


How many points does your credit score go down if you miss a mortgage payment?

A recent late payment can drop your credit score about 60 points.


What credit card can you get with a 576 credit score?

The selection of cards you may qualify for with that score may depend on your locality, but typically secured credit cards are the most likely cards you can get. There are several unsecured cards you may qualify for with subprime terms, yet these cards might have unfavorable terms.


Are online credit cards easy to get?

Online credit cards are somewhat easy to get depending on your credit score and history, however you should rethink the credit cards and try to use cash.