Will my credit score be 700 by the end of the year?

Question

At the beginning of the summer I had 2 CC's ($2000 and $4400) and both had a $5000 dollar limit. By the end of summer, the first will be paid off and the second will likely be around $1500. My score in June was 640. Any chance it can get that high?

Answer 1

The card with the $4400 balance is what's hurting your score the most as it is increasing your debt to income ratio because your usage is at 88% instead of the preferable 25%.

It's great that you intend to pay off the first one...maybe you could put some of that money to the bigger balance.

Even the lower balance is in excess with a usage of 40%.

Once you pay the cards down and/or in full then your score will start going up. Whatever you do do NOT close the accounts...you need to keep the account history to work for you.

You may be able to pull off 700 if you keep your usage below 10-15% and NEVER max out and NEVER pay late.

Answer 2

Try this one - http://creditreport.fateback.com - I monitor my credit score here during last 3 years. And also cleaned off some bad items from my credit report. You can apply for free initial plan and get your scores and reports for free.

Answer 3

Not likely, your credit score does not usually jump that many points in a year let alone a few months.

Your credit score will go up the most once you start having a zero balance.

Answer 4

you should go to http://www.cellsware.info/restorecredit . they can really help you out.

Answer 5

Here's one way to estimate.  It's a score simulator!  I use it all the time and it's free.  You can change the info you enter to compare scores over and over.  

http://www.bankrate.com/brm/fico/calc.as...

Answer 6

It depends on whether or not you have always made your min balance on time. Also wether or not you have any other credit. Sometimes when your balance is 0 and you are not using your cards it becomes a lack of credit and your score goes down some. Its not fair but its the truth. You also should have some thing else beside revolving credit (cards) that shows you are responsible with your money. Like loans. Paying loans on time every time does wonders for your score.