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MSMICHELLEMM

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Last week score was 723 today it is 680!Will putting a bal. back on acct immediately increase?
Last week my score was 723 I look on CK today 4/4 and was devastated that my score plummeted to 680. There is an account I paid off that had only a $25 balance! I believe this is the reason it plummeted because there is a $0 bal. Is this the case If I put a balnce back on this will my credit immediately increase? Also the day before seeing this devastating news I was approved for a credit line so Im wondering if that will again effect me me negatively or positively and if I should close that?

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If you applied for credit you had an inquiry on your report, which will cause your score to drop, but closing the card now won't undo the damage.  As you use your new card your credit score will increase.  May take 4-6 months of payment history, but it will bounce back.  Also, keeping a small balance drives up your credit score.  Credit Karma recommends that as well under their info about utilization.  I always keep a balance on at least one card and my scores continue to soar - I'm at 776 right now.

Reply by
PeteRyan6360

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I have a question about balances. I pay off all my bills on time each month. I track my usage, set aside cash for each credit card purchase, and then pay the balance in full each month. Lately I have been reading that keeping a small balance is better for my credit score, but I can't confirm that from any reliable source. Should I pay off MOST of what I owe each month, and keep a small balance of say $25, or should I bring it down to zero each month?

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