Hello. All 3 of my scores are around the 650 mark. I have 3 cards with high balances: 1) I owe CreditOne $991 with a limit of $1000. 2) I owe CareCredit $477 with a limit of $800. 3) I owe Home Depot $490 with a limit of $500. Will paying each card down to say 25% boost my credit score? I have nothing derogatory on my reports and the last time I was late on any bill was in January 2012. Thanks in advance for any suggestions.
Welcome to Creditnet! Yes, your credit utilization ratio is a significant factor in your credit scores. Based upon the numbers you provide here, you have $2,300 of available credit and you are using $1,958 of that, which is a credit utilization ratio of 85%. If you pay down your balances and get your ratio under 30%, you should see a big boost in your credit scores across the board. In the future, your goal should be to shoot for a credit utilization ratio of less than 10%.
Hey there, just wondering if you got the help you needed with your credit score question. Let me know if I can be of any further assistance.