How much will paying off my debt help my credit score?

how can i change my credit score

I'm 22 years-old and fresh out of college. I recently began working and earning a decent salary. During college, instead of taking out loans, I charged things such as books, gas, etc. to credit cards. I did work as a nurse extern, but it was hard to work and still try to pay for well, being alive and. show more I'm 22 years-old and fresh out of college. I recently began working and earning a decent salary. During college, instead of taking out loans, I charged things such as books, gas, etc. to credit cards. I did work as a nurse extern, but it was hard to work and still try to pay for well, being alive and attending school.

Anyway, my credit score is currently 690 (scale was 550-990; used TransUnion. other score was 695 using the Vantage circle). That is a bad score to me. My freshman year of college, I had a credit score that was ranked as an A and over 800.

On my reports I've never been late, my accounts are in satisfactory condition. everything is in the green and nice.

So, I think it's the fact that I do have high balances on some of the cards that is hurting me. I had over $10,000 in credit card debt two months ago and now I've worked it down to $7,000. It should all be paid off by December.

Will paying off my debts help my credit score a lot? How quickly?

Update: Also, I noticed several cards that have no balance on them. Should I close them out? I've heard I shouldn't close all of the accounts at the same time, but close them slowly if I never plan to use them again. I would like to just keep one CapitalOne card and possibly my Kohl's card for the discounts. ) show more Also, I noticed several cards that have no balance on them. Should I close them out? I've heard I shouldn't

close all of the accounts at the same time, but close them slowly if I never plan to use them again. I would like to just keep one CapitalOne card and possibly my Kohl's card for the discounts. )

Update 2: I've never paid anything late. I think the scale that TransUnion used may be different. This isn't my FICO score; I don't know what it is and well, don't want to pay extra money to see it. TransUnion (scale of 550 to 990) said that I have a credit score higher than only 19% of other people and my. show more I've never paid anything late. I think the scale that TransUnion used may be different. This isn't my FICO score; I don't know what it is and well, don't want to pay extra money to see it. TransUnion (scale of 550 to 990) said that I have a credit score higher than only 19% of other people and my grade was a D. Every single one of my accounts says satisfactory/never late beside of it. It said that the factors that affected my score were one, time since oldest account opened is too recent. Well, I'm 22. I can't do much about that right now. Two, the available credit on your open accounts is too low. This is very true, and I am working to get it down and will now that I'm out of college. Three, my balances are too high (right, they will be low to non-existant soon). Four, I have no real estate accounts (I'm worried about my credit report because I want to buy a home and a newer vehicle within the next several years).

Update 3: I used annualcreditreport.com. TransUnion, Experian, and Equifax said that I've never been late and all of my accounts are currently satisfactory and always have been. My credit score from TransUnion was 690, from Experian 695, and I decided not to pay another $6-8 to get one from Equifax.

Source: answers.yahoo.com

Category: Credit

Similar articles: