Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Karma
Profile Image

Question By
foreverseekingHIM

0 Contributions
0 People Helped
Who can i contact to update my account?
My score has been 778 for the last 3 months, when I have completely wiped out a mortgage after 30 years and have lowered my credit card available amount from considerably. For example my credit card balance was $10K, but now it is $8.7K with an available amount of $11.3K, yet it is not reflecting any change whatsoever. my main mortgage has decreased from 153K to $149K and still no change in my score. I have all A's with the exception of 1B.

Somebody help!!!!!!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
315 Contributions
442 People Helped

You are using too much credit

If you dont' already know this, Credit Card Utilization is your credit balance to limit ratio. If you divide 8,700 by 11,300, it equals .769, which is 76.9%. So you are using 76.9% of your credit limit. Anything above 30% is bad for your credit score. You will want to pay those cards down to around $3000, at least, before you see any signifcant difference.

No need to worry about the balance of your mortgage. As long as you have never missed a payment, then you are going to be okay in that aspect. There is less risk with a mortgage. Your house is the collateral.

With credit cards, there is no collateral for those banks to repossess, so it affects your credit score a lot more than your mortgage.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.