Comments on: How Many Points Will My Credit Score Increase When I Pay Off Certain Outstanding Debts?

By: YSIC

YSIC — Fri, 08 Jan 2010 03:13:32 +0000

FICO scoring is entirely proprietary information. The bureaus will not share with the public how the scores are figured.
Your scores will eventually rise as you pay off debts…IF they are open/current debts. If they are collections or charge-offs, you credit score will not change because of a pay-off. Credit bureaus do not reward consumers for paying off delinquent debts.

By: karenhar

karenhar — Thu, 07 Jan 2010 23:53:00 +0000

Well, I’m not sure about that. Any paid off debt looks good for you if the payments are on time. It’s the revolving charge accounts that can really raise or lower your score, depending on what is owed, if they are close to the credit limit, or if you keep them low. At least that’s what my credit report says.

By: STEVEN F

STEVEN F — Thu, 07 Jan 2010 21:51:55 +0000

Without seeing your ENTIRE credit report, not even FICO can give an accurate answer to this question. There are to many interrelated factors.