Will my fico score go up if my revolving acct is paid down/off?

I see that it's a problem with my fico score.

Public Comments

1. Yes it will. But it takes time. Once you pay off the acct, make sure that the company that is holding the acct reports that to the credit bureaus. Once they do, then it takes 30 to 60 days for the update to take affect. Then it can take 6 months to a year before you score will fully recover from the debt. But one thing you must keep in mind, it is very difficult to get it back to where you were once you have let the score fall.
2. As long as you are paying your bills on time, normally credit card debt only hurts your score if your balance exceeds 50% of your total credit line. So if you have a 10k line and you have 8k in debt you should pay that down so your total debt is under 5k.
3. The answer to that question is not a resounding yes. There are multiple parts of accounts that will affect your FICO score. For instance How much you have out, how long you have had it, mixture of accounts (installment loans .vs. revolving accounts) and credit history (how you have maintained your accounts). I had read something that the first and the third thing I said are weighted to be 70% of your score. If you keep that in mind, you may need the balance to balance you out, but at the same time it is never a bad proposition to lower your leverage.
4. Yes