rinaribka said
Ok I have a question about my credit score. It's currently around 660. I have one open real estate account with around $123,000 left on it (had it for almost 4 years, never a late payment) and my house is for sale. So I plan on having that paid off sometime over the summer. Will this raise my credit score?? I also have 3 credit cards, all with a balance of $0, no late payments, the highest has a limit of $500 and lowest a limit of $500. The other is $1,500 I believe. My score a 691 a month ago, then all the sudden it dropped to 660, which was kind of weird. I have Experian's triple advantage program, which monitors it daily. I called them and the lady said my debt ratio could be causing that. She said that by paying off my house loan in full it should raise it by quite a bit. Anyone have a guess as to what it could raise to once it is paid off in full? Oh, and I have no negative information like defaults, bankruptcies, late payments, ect,. Best guess anyone??

carolapino said
Hi, and thanks for writing. Despite the mortgage, your total credit card limit of just $2,500 could be what's causing your credit score to bounce around.That's because one important factor in the score is your debt ratio -- how much of the $2,500 you're using. I know you have $0 now, but if you use the cards at all, and eat up a substantial amount of the limit (and that's easy to do on one of those cards with just a $500 limit), that could adversely affect your score. To raise your score: First, keep doing what you're doing -- pay the bills without fail!Second, make sure to keep using the cards: What card issuers like to see is evidence that you can handle credit. NOT using the cards at all doesn't show them responsible use. Third, once you've done the first two for a while, ask for an increased credit limit. That will automatically improve your debt-to-limit ratios. You do that, and your score should easily go up into the 700s, and that's where the good rates are found.Good luck!

moret_ said
I'm not sure. I think you might be obsessing over this a little bit. Are you about to take out a large loan? It doesn't sound like it. If not, why do you care if you have a pristine score. You don't need to check it everyday. As long as you are in the right neighborhood, you shouldn't be having any problems. It sounds like it is high enough so that if you needed a loan, you could get one.

aldo_torres said
Paying off the house will raise the score. To raise it futher, do not apply for any more credit. Keep all revolving accounts as near to $0 as possible. Do not close any old accounts. One would have to look at your report to get a better idea as to rise in credit score .

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