2007-03-06 06:54:45 · 5 answers · asked by Direktor 5 in Business & Finance ➔ Credit
that question cant be answered that simply. a lot of factors go into your score besides debt.
payment history
type of debt, ie. mortgage vs credit card
ratio of debt to income, etc.
2007-03-06 06:58:59 · answer #1 · answered by zeke58 3 · 0⤊ 0⤋
Very little. Your credit score is based on many factors. Alot of people make the mistake of thinking they have a low credit score just because they have debt. Sure, a lowe debt utilization ratio is always better. But simply lowering your overall debt amount does not effect your credit score very much at all. I have carried debt my entire adult life, but have always managed if very well and have a good credit score because of it.
2007-03-06 15:00:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There is no measuring meter which can say how many points you will get by getting rid of $1,000 of your debt.
There are very many factors which contribute for a good credit score as you know.
Check out this debt settlement company who will negotiate with your creditors to reduce your principal debt amount by around 40% and you can be debt free by making low monthly payments.
http://www.debtfreeafterall.com
Good Luck
2007-03-06 14:59:47 · answer #3 · answered by Hima K 2 · 0⤊ 1⤋
it takes a few months after you pay of your debt for your credit score to go up.
2007-03-06 14:57:23 · answer #4 · answered by cmruffin1 2 · 0⤊ 0⤋
http://moneycentral.msn.com/investor/creditreport/main.asp
This will "simulate" your current credit score.
2007-03-06 17:07:19 · answer #5 · answered by reandsmom77 6 · 0⤊ 1⤋