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Paying off student loans help to lower credit utilization % and raise credit score greatly?
According to CK, I am using 82% of my credit card utilization. Out of approx. $6800 in credit limits, I have $5300 in debt. I am able to pay off $3700 now, so about how many points will that increase my score and bring down my utilization percent?? Also, I have a federal student loan with a balance of $1800. If I was to pay that off as well, will that greatly increase my score or just a little? I have been debating on doing this because as it would be great to have one less debt, BUT it will also mean I am down $1800 in savings. However, if it will make a big increase in my score then it would be worth it so then maybe once it shows on my report, I can try for a better credit card with a better credit limit. I've been with Capital One for 7 or 8yrs in good standing, not once have they raised my limit yet. Walmart has raised me 3 times from $750 to $2300 within 6 months, which I know it doesn't count as valuable as a major card doing that. I have asked C.O. why and they just saying they only review certain customers once a year and decide from there. I don't get it. That is partial to my score being low, only major card with a low limit but I'm stuck because it is my only major card and I can't get any others without a ridiculously high interest rate PLUS it would just more hard inquiries on my reports for nothing. Frustrating....

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