div > div.group > p:first-child"> Recent research from CreditCards.com found that 7 percent of plastic holders don't remember how many years they've been carrying a balance, while more than half say it has been more than a year that they've done so.
"If you have, let's say, $5,700 of credit card debt, even if you have a pretty generous credit limit of $10,000, you're still at a 57 percent utilization rate which is higher than recommended and would hurt your credit score," he said.It seems like you're doing something good: An old, unpaid bill resurfaces and you make a partial payment on it.
Often the easiest thing to do, she said, is to pay off the balance completely."Your score will start to rise again once that record is closed," she said. To offset the smaller credit limit, you should have a strategy for paying down the remaining balances as quickly as possible and bringing the utilization ratio back within an acceptable range, McClary said.Ten percent of your score is about the variety of your debt, said Matt Schulz, credit expert at CompareCards.com.
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