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Credit Score Calculation?*
I was having debts on all 4 of my credit cards.I maxed out 3 of them.My credit score, which was 700 before, hit a rock bottom(580).
This month, I paid off all my credit card balances.I do have an ongoing Autoloan.My Question is how long does it take to get my Credit score back in 700 range.Does it increase by approximately 50 points a month, if I continue to keep my CC balances very low.
Answers:
1) No one knows for sure. Your score will go up. You can put that in the bank. Feels good doesn't it? Not having that debt.
2) If only that were the case. Scores drop fast, but they rise slowly. In my experience I can earn about two points a month per card keeping them paid off. I have spoken to others who see this as about average as well. However, truth be told, the Consumer Reporting Agencies do NOT make it public precisely how credit is scored. No one can really tell you. We can tell you the best ways to bring your credit up, but not at what rate. If there is an exact formula, it has always been kept secret from the public.
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