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magus5200

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Will paying off debt raise score after 30-60 days?
Hi everyone! I'm going to be receiving money due to the Volkswagen Settlement soon and receiving compensation for the buyback. I will have my auto loan paid off and receive about $4,000 in compensation. This means that I will need a new car afterwards.

Current Credit Karma Score: 618

Question is: If I pay off all my credit card debt, will my score raise to the high 600s or low 700s? My credit situation is below.

CC Utilization: 91% $4356/4800
Payment's on time: 100% (Yay!)
Derogatories: 0 (Yay!)
Average Credit Age 1 year 1 month (oldest account is about 3 years old)
Accounts 4 (3 credit cards and 1 auto loan of $18,000)
Inquiries 5 Transunion and 8 Equifax.

All answers appreciated. Thank you!

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I suggest making the time to read the articles on this site so you can get a good credit education that will benefit you for life.  I have benefitted a great deal from this knowledge.  Your score may rise after the debt is paid in full.  I suggest building a more diversified credit portfolio, keep usage at or below 10% and strive to pay all credit card balances in full every month for an excellent score.

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