I need to improve my score and I owe about $700 in credit cards?

Question

I don't have all the money to pay it all off, but does anyone know by how much I should lower it atleast so I can increase my score right away?

Answer 1

A big part of your score is based on your debt to available credit limit ratio. If you use more than 50% of your available limit, it really kills your score. Try to get it below 30% and that should improve your score.

Also, always pay on time.

You should work on paying as much as you can on that $700 balance. You can save yourself a lot of interest by only charging what you can afford to pay in full each month.

Answer 2

It really doesn't work that way... What they want to see is that you are making the payments (plus extra if you can)... Always be on time with payments though.
If you can, take out a small loan too and make payments on that. The more you show that you are a good at paying back borrowed money ~ the better you look to creditors. It won't happen overnight (so to speak) but in time, your score will go up.
That's how both my 27 & 29 year olds began to build their excellent credit scores.....
I'm not saying don't pay your credit card way down, just try to pay as you spend (or charge).
Good luck...Your on the right track..........

Answer 3

It's really based upon your payment history, amount of credit cards you have and what their limts are compaied to your balance.