The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt

URL:  http://boards.fool.com/aj-credit-karma-states-that-if-i-pay-off-my-30669955.aspx

Subject:  Re: New here! Have questions! Date:  5/6/2013  1:24 PM
Author:  Jenmomof5 Number:  306973 of 308881

AJ, credit karma states that if I pay off my balances, only, no other changes, that my score will go up 21 points. That is just a predictor, of course, but it's already what I plan to do, so that will be helpful. If I were ONLY to open a new card with a limit of $500 it predicts an increase of 29 points. Weird. And if I do BOTH, pay off all balances and open a new card with a limit of $500, it predicts an increase of 29 points.

So, i think for now, I will just pay off all the balances, diligently only use 15% or less on each card, wait 4 months or so, and revisit the issue, meanwhile just concentrating on saving money. Then I will come back and probably have a lot more questions! LOL. I'd like to eventually get to where I have just two cards, and have no annual fee and low rates, and perhaps some kind of rewards/points for something I would actually use...

Thanks to everyone who piped up about this. I'm sure it seems boring and redundant for those more savvy than I, so I doubly appreciate the time and effort!
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us