If I pay off a credit card with $1100 in debt in one shot how much will that boost my credit score?

Question

If I pay off a credit card with $1100 in debt in one shot how much will that boost my credit score?

Answer 1

If you are able to do that, you should be more concerned with just having the debt gone rather than how many points your score will increase - probably no more than 20 or so increase - might depend on what percent of your total available credit limit that 1100 represents

Answer 2

It doesn't work that way.  There are a large number of factors that affect your score, and you cannot predict the effect that one transaction will have.

Your current score, how long you've had the debt, how much other debt is out there, etc etc.

A transaction like that also doesn't raise your score today, it takes time to make changes.

Just know that it will help eventually.

Answer 3

It will lower your debt to income ratio right away but unfortunately your score doesn't shoot up quite as quickly. You should be on your way up in a few months. In the meantime don't apply for anymore credit for at least the next 6 months.

Answer 4

a lot depends ont he rest of your accounts and on-time payments.  You'll see a slight bump, but if you are over limit elsewhere, or you have bad marks on other accounts, it wont help much

Answer 5

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Answer 6

there are no quick fixes!!!

Answer 7

Credit goes up slowly over time, paying it off and keeping it off will raise your credit score but you aren't going to see it just jump 25 points in one month or anything.  

Credit can only go down quickly, not up.

Answer 8

It mainly depends on how long you have had the debt on the card and whether you can keep it off.

Answer 9

Your credit will only go up slowly over time.  Just keep paying it off and not putting anymore on it.  Your credit score will rise but don't expect it to reach the 700 level in a month or two.

Answer 10

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Answer 11

That depends on what else is on your credit report. You would have to check it after you pay off the debt.