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Reply to "How long does it take to raise 10 points on your credit score?"
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[quote=Anonymous]Do not close any of your accounts as you pay them off. Your credit score is affected by the ratio of used credit to available credit (i.e. your credit limit on a revolving line of credit). This has never made a lot of sense to me for several reasons. 1. They use your credit to determine what your credit line should be (initial and for increases). 2. If you use your increased credit line, it will lower your credit score. 3. If you apply for new credit, it will negatively impact your credit score. And I believe applying for credit and being denied also lowers your score. Good for you in paying down your debt. See if you can skim anywhere else and add more to your monthly payments.[/quote]
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