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Paying down credit card balances will increase credit scores

Fri Apr 25, 2008 12:04PM | By Tony

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If you want to increase your credit score and have few dollars to spare, paying down credit card balances may be the shortest way to do it, provided you don't have late payments, collections and other derogatory records. Basically, if you credit scores are around 660 - 720 range, and you want to increase them, bringing credit card balances below 50% of credit limits will give a 10 to 15 point increase within a month to 6 weeks. If you can go below 35%, the increase in credit scores will be more substantial , something close to 30 points within the same time frame. With the all said, the other things have to remain the same.

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