The Fico score is still a little confusing. Could someone be so kind to educate me on this issuse. Frowm what I have read so far, the FICO takes inconsideration your credit card balance and your availabe credit. So I have only one credit card with only $40 dollars available. My limit is $985. So I am thinking that this is bringing down my score because I am almost to my limit. 1. If I bring down the balance wil this improve my score? 2. I wanted to continue to make payments, not pay off. Because they take history in consideration.
Rina1 1. I'm sure it will raise your score. Depends on your current credit how much. For example, currently I am in the low to mid 600's when I pay all my credit cards down below 20% I am in the high 600's, but my mom (who is in the low 500's, and only has one $500 card) when she pays it down her score may raise 10 points only. 2. If you are able to pay off do so, at least pay it to 20% of your limit. Just don't close it. If you make the minimum payment only it would take forever to get below 20%. And as long as it's open -and your never late- your history is fine. scott
Credit Score Rating The Fico score is still a little confusing. rina1 ===================== Here is how it works: Do one thing and your score will go down. Do the opposite and your score will go down. You just have to deiced why you want to lower it.
