After having some medical issues and other financial difficulty a few years ago, I found myself with around $3,000 each on two credit cards (with limits ~ $5,000 and $10,000 respectively.) which I have had to make minimum payments on for a while.
Recently both my wife and I got new jobs and after saving up 3 months worth of emergency fund, we decided to pay off the ~$6,000 at once to raise my credit score (currently ~750, paid off balances haven't made it into my credit report yet) in preparation of looking to buy a house soon.
My question is: Assuming I wait until I the paid-off balances are reported to the 3 agencies, will the fact that I have made only the minimum payments for the last 2 years and consistently had around a 30-40% utilization on my credit cards have any impact now that I have paid them off (and will be keeping them that way) or is the only thing that gets factored in the current utilization?
Submitted November 04, 2021 at 12:13PM by ArcticCrouton https://ift.tt/3mGTuzQ
