How much and how fast will my credit score improve?
Question by b_j_sanchez: How much and how fast will my credit score improve?
I had 6 cards and I am paying all of them off only 1 still has a balance and I am almost done. I closed 2 of them because I figured 6 was way too many. But I have also heard not to close your credit cards when you pay them off. Any advice what I should do with the 4 remaining ones? Close 1-2 more or leave them all?
As I pay them off how fast and how much can I expect to see my score improve? It’s currently around a 590 and I don’t know why it’s so low I was only late once or twice and never more than 30 days. I’ve been working in paying them off for a while now and haven’t seen it go up at all.. what gives?
Best answer:
Answer by Joseph, II
Keep the REST of your Cards Open (but without a Balance); make SURE you’re paying everything ELSE on time…- & try to be Pacient. Credit scores do NOT go up- overnight… If you can get a 100 point Improvement by this time NEXT Year- you’ll be doing ok… But be FOREWARNED; ANY mess-ups on YOUR part- will cost You MONTHS on repairing your Credit Score (if not Years…). Credit is aLOT easier to LOSE- than to get Back… 
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Closing unused credit cards messes with your ratio of credit card debt to available credit. you should have a total of 11 credit accounts. 7 credit cards ( such as department-store charge card , gas cards or bank cards) 4 installment loans ( auto loans, mortgage, student loan…) Installment accounts will help your score the most .
Your FICO score is made up of 5 components.
1. 35 % payment history
2. 30% Amounts owed
3. 15% Length of credit history
4. 10% new credit
5. 10% Types of credit used
History is the most important . I hope you did not close the oldest account. And When you don’t have a long history , a little thing such as a few inquires affect you score.
Note: even if you pay off your credit cards in full every month, your credit reportmay still shows a balance on those cards. The balance on your LAST STATEMENT will show in your credit report. Usually due date and closing bill date are different date . Make sure you pay on time and keep the money in your account til closing bill date .
You are getting the right information from the people. I just want to add one suggestion which might not jump your score up but it would certainly lower your APR. The cards you have opened and paid off completely, call the company and ask nicely to lower or at least give promotional APR. In that case if you need to use the credit card and don’t able to pay the full but lower APR would save you few bucks.