credit card debt and credit score?

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my credit limit is $ 500 and i owe close to $ 300. my intentions are to pay that debt completely off in the next three weeks. will that likely increase my credit score and if so, how long will it take to show up?
i have paid all my bills on time and have always paid more the the minimum amount required.

  1. Reply
    November 10, 2011 at 9:01 am

    Your credit score is based on your credit history and how you handle credit.

  2. Reply
    November 10, 2011 at 9:58 am

    A large part of your score is based on the ratio of revolving debt to available credit limit. Carrying balances of more than 30% hurts your score. Pay off the balances and you will get a fast increase.

    Depending on when the credit card updates to the credit bureau, it could be up to 60 days before the increase shows up.

    It’s good that you are paying off the credit card. In the future, only charge what you can afford to pay in full each month. You will save on the interest, stay out of debt, and build a good credit history.

  3. Reply
    November 10, 2011 at 10:33 am

    There are many “contributors” to your credit score… In theory this should bring it up, but in reality it could not, depending on how many other cards or other debts you have, whether you have been paying on time, what are the balances, how long you have been having a credit history, etc., etc., etc.

  4. Reply
    November 10, 2011 at 10:57 am

    it will take at least 30 days to reort and your score should increase a little.

  5. Reply
    November 10, 2011 at 11:12 am

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  6. Reply
    November 10, 2011 at 11:23 am

    With the amounts you’re talking about, as long as you remain current, then paying it off or not paying it off won’t have much effect.

    My advice: Get out of debt, and don’t worry about your FICO score.

  7. Reply
    November 10, 2011 at 11:53 am

    You’ll see a slight increase the next month… by a few points. It takes time to increase your credit score. So, I would pay it off, use and pay off each month and see where you are a year from now.

    Credit is one of those things that get better with time. 🙂

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