2007-12-05 04:38:33 · 6 answers · asked by kerry c 1 in Business & Finance ➔ Personal Finance
If you mean you will REDUCE your balances so that they are 50% of the limit, then yes, your credit score will go up.
If you mean you will INCREASE your balances so that they are 50% of the limit then I can't imagine that could do anything positive for your credit score.
Reducing them to 10-20% of the limits would be even better!!
good luck!
2007-12-05 06:30:05 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
Here is some basic info on how your credit score is determined, hopefully this will help you find other ways to boost your score.
As we mentioned earlier, each credit reporting bureau uses unique mathematical formulas to weigh specific credit factors. Below are some of the most common factors used in the calculation of your credit score.
Credit History — Long, healthy credit histories are generally viewed favorably.
Payment History — Records of late payments on your credit report will negatively impact your credit score.
Outstanding Credit — Your creditworthiness can be diminished if you already owe a significant amount of money to other institutions.
Existing Accounts — Having too many open accounts can hurt your credit score, even if you aren't actively using them, because it is viewed as credit that's available for your use.
New Accounts — Potential lenders usually view new account activity with caution.
Inquiries — A lot of recent activity on your credit report can lower your credit score.
more credit resources: http://credit.privacymatters.com/learning-center.aspx
Good luck to you!
2007-12-06 02:21:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Dont worship at the alter of the almighty fico score.
Pay as you go and live on less than you make and you will have money.
The only thing obsessing with the I love debt score is debt.
Of course the bankers and their followers are gonna tell you different
Debt free is the way to be!
2007-12-05 06:06:12 · answer #3 · answered by heybulldog 5 · 0⤊ 0⤋
No, in fact it could hurt your rating by having a higher debt to income ratio. Increasing your credit limit will increase your score however.
2007-12-05 04:53:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you have to keep making your payments on time don't pay it off all at once but don't only make the min. if your payment is exp. $20 pay 70 and keep making them on time they are slow to put your score up but quick to drop it
2007-12-05 04:46:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes!!!
2007-12-08 10:22:14 · answer #6 · answered by Anonymous · 0⤊ 0⤋