How much will my credit score go up if I pay of my credit cards?

Hello, most lenders including myself have the ability to run scoring scenario's for items such as this. We will not know how to answer your question until we have the credit report and run the numbers for you. Generally speaking your scores will improve on their own when you pay your balances down to 25-30% of the total credit limit. So, if you paid the balances down to a total balance of about $800, you would see score improvement. Please let me know if you would like me to work with you on this. Thank you

It will certainly take more than paying down the credit cards to get into the 700s, but it can definitely help. A mortgage broker who has the tool, credit rapid rescore, could give you a fairly accurate estimate on how much you will get for paying down your credit cards. It may not be wise to pay all down to 0. Each person's credit scenario is different and how paying certain credit down to 0 as oppose to 30% affects their credit scores. If you have older derogatory credit such as in collections you could try and bargain with them to provide you with a credit delete letter in exchange for paying off the credit. But do not pay it off until you have in writing they will provide the credit delete letter. That is the only way it will help your score, and usually substantially!

There is no standard increase.. like finger prints, ever credit profile is different and it's impossible to say what it would do to your score without looking at the complete loan profile.. Also, lenders have access to the "What If" Simulator.. when your credit report is run, and it's within 30 days... we can run a simulator to see what would happen if something changes.. like paying down or off a credit card.. If you have already contacted a lender and they ran your credit within the last 30 days, try asking them to run the simulator.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347