I notice for every 2 dollars of debt reduction there is a one point increase with my Experian credit score. Does this sound about right with others' personal experience with Experian?
I meant to say for every two hundred dollars of debt reduction there is a one point increase in the credit score.
I think the score increase one gets from a payment depends on the overall credit report and on the percentage reduction in the overall balance to limit ratio. In my case, a couple of days ago, I had a $350 credit card payment post and I received a 7 point increase in score (from 577 to 584). That payment represented a reduction of 16% of my outstanding revolving debt. So, I don't think there is a fixed formula at work here. I wish there was - it would sure be nice to know.
I do agree with you Chris that it may be dependent on your overall score. As my score has gone higher, the point increments are getting higher. But who really knows with this psuedo -fico score on CE. Just my 2 cents. Cypri
