i have two credit card with balance of 50% of their credit limit, how much would i increase my credit score if i pay them down to below 35 % of the credit limit?
any amount that you pay will increase your score because it raises your available credit. I think taking it down to thirty five percent it should increase it quite a bit.
Since the "amounts owed" factor contributes about 30% in your credit score, you should never spend more than 30-35% of your credit limit on your cards. It is very difficult to tell how much your score will improve if you improve your balance because it depends on the FICO algorithm. But it is true that your score will improve.
any amount that you pay will increase your score because it raises your available credit. I think taking it down to thirty five percent it should increase it quite a bit.
Since the "amounts owed" factor contributes about 30% in your credit score, you should never spend more than 30-35% of your credit limit on your cards. It is very difficult to tell how much your score will improve if you improve your balance because it depends on the FICO algorithm. But it is true that your score will improve.