I am trying to pay down my credit card debt so I can increase my scores. I am finding that for every $700 in debt I pay, my score goes up 1 point. This is just over 1% of my debt. I just paid down $9,000 last month, so am anticipating a jump of about 13%. Has anyone else tracked this? What have your experiences been?
I paid down my debt and increased my available credit from I think 27%? to now 84% and my score rose 64 pts.
It looks like at some point, the reverse is true. On EX I had a 5 point drop when I paid down a CC. I went from 90% to 92% of current credit available. I just sent a check paying off my NextCard which should take me to 97% available. I'll let you know what happens then.
