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If you had approx 3300 in credit card debt and you just paid off about 2500 and will pay off the rest soon how will this help your score if it is miserable now?

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2005-12-01 20:48:55
2005-12-01 20:48:55

you credit score is based in approx 4 different criteria. Length of history, inquiries, debt ratio, and past credit. if you paid off large portion of revolving credit, then this is good for you and scores should go up. remember you always want to keep approx 30-50 % of revolving credit in use and making monthly payments on- this builds credit. However, you must look at the effect of this payment in terms of total revolving debt available and in use. charge accounts, credit cards, car loans and mortgages add up in terms of what you owe. revolving accounts are just one part of this equation.

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