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ReallyE

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If I pay down my maxed out card to 10% will my score go back up?
Hi,
So I had to max my credit card to get my car fixed and I wasn't able to pay it off in time before they reported it. My score dropped 146 point smh. I'm in the process of buying a home and I'm so mad at this situation. If I pay the credit card off will I get my points back? Or should I bring it down to 10% utilization? Please help! Btw I just went into escrow and will be in escrow until January because it's a new construction home. Do you think this will give me some time? Thank you in advance!

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When you max out a credit card, your utilization will skyrocket and your score plummets as a result.   Don't worry, as you pay the balance down and get it down to a reasonable level, you will see an increase so your score.   10% is the magic number you want to achieve.   It doesn't have to be 10% of the prior balance as its best to pay the entire card off by the due day to avoid additional interest on the money you borrowed.  If you are unable to pay it all off, shoot for 30% of the balance every month and you'll see consistent increases and should be back to normal before escrow ends.

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Debt ratio

I have 2 credit cards that are ALMOST maxed out,as a result I have noticed that my credit score has dropped considerably(Just started rebuilding credit ealier this year) I want to know how much and how fast will my score increase once I get both the credit cards paid down? Or at least within the 30% debt ratio.

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