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If you have several cards with close to max amount used on them is there a “magic percentage” like paying 65% off or 60% off in order for the credit score bureaus to take note and give an improved credit score?

5 Thoughts on What is cheapest way to improve credit score if you have several cards with high balances on them?
  1. Reply
    Ryan M
    October 27, 2011 at 2:39 am

    You need to be under 30% of your credit limit…that is the “magic percentage”

  2. Reply
    October 27, 2011 at 2:58 am

    To make your score go up, you simply have to pay off the balance. No magic numbers or percents, you just need to not carry a balance. If you do have a balance, 30% or less!

  3. Reply
    Donna Fabela
    October 27, 2011 at 3:43 am

    As soon as you have repaid your debts, apply to get a new credit card to build a great credit historical past. It might be less difficult at first to obtain a department-store or gasoline credit card or 1 from an employee credit union. Promptly pay off the balance on the credit card month-to-month to build excellent credit. Use the card responsibly. In the event you don’t qualify to get a typical credit card, apply to get a secured 1.

  4. Reply
    October 27, 2011 at 4:06 am

    Definitely want to be at least under 50% of available credit. But like other user stated, under 30% is really ideal.

  5. Reply
    Todd S
    October 27, 2011 at 4:57 am

    Under 20% is the magic number per industry experts. So the best way to get your balances down below 20% would be to either pay them down that much (if possible), or execute a balance transfer. If you go the balance transfer route, you’ll have a high balance on one credit card as opposed to two or three or however many cards you’ve got.

    The downside is opening a new credit card, which can lower your credit score temporarily. But long term, eliminating those balances will far outweigh the ding for opening a new credit card. A balance transfer credit card will probably also save you a lot of money in interest.

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