Asked by Cory  |  Submitted June 22, 2018

Hello. I only have one credit card and that is Home Depot with a credit line of $500. If I was to pay off that $500, will my credit score increase?

Three months ago my credit score was 620, but I want to increase it.

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  Answers  |  1

June 26, 2018

If you owe $500, and the credit limit is $500, that means your credit utilization for that card (the amount of credit you use compared to the total amount you have available) is at 100%. Credit experts advise that you stay under 30% credit utilization to boost your credit score. A large portion of your credit score is driven by payment history, so paying on time and in full should also have a positive impact on your credit score.

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