How Many Point Does/can Your Credit Score Go Up By Paying A Credit Card Off That Is Maxed Out?
I heard that you credit score would go up anywhere for 30-40 point if you pay a credit card off that is maxed out (if the balance is over a 1,000.00) Is this ture?? And if not does anyone know about what it would go up?
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2 Responses to “How Many Point Does/can Your Credit Score Go Up By Paying A Credit Card Off That Is Maxed Out?”
Comment from Kapil
Time July 25, 2009 at 8:17 pm
There is no simple answer to your question. The score, and the impact on your score based on credit activity like paying down a high balance, varies depending on the score model used.
You can go to myFico.com to get your FICO score…one of the most popular scoring models. I believe MyFico.com (and several other companies) also have a credit simulator that lets you play around with your credit report and see the impact on your score based on a scenario you select.
A 30-40 point lift in a credit score just by paying off a high balance account is entirely possible…but there is no absolute way to know.
Comment from Ingrid S
Time July 25, 2009 at 7:21 pm
The credit will go up but it depends upon your credit report. It will definately go up over time. You should pay all your bills in full and on time and do not carry any balance.