Not understanding this is about to drive me nuts--deep sigh/
I currently am about 48% utilized on a cc with a $10 K limit. My interest rate is 10.99% (I know, not good).
What I'd like to know is, how will my score change as I pay down the balance? Below are my scores checked on Friday from myfico.com:
Transunion - 657
Equifax - 671
Experian - 650
I don't have any other debt and hope to have my balance down to $0 by the end of April.
I've tried searching on the net for concrete answeres and have found nothing...The approximator on myfico is worthless as I've used it over the pass 6 months paying very close attention to my activity.
I also have a student loan that went into default (when I moved did not inform of new address and did not have automatic payment---RATS!), that is scheduled to fall off Feb of 2006.
Any banking/loan experts here that can help me? I'd like to get all of this done so I can begin saving. I'm 38 now and feel helpless.