how much improvement?

[Administrator]

We are getting ready to buy our first house pretty soon. I checked my FICO score and it was 625. I don't have a lot of credit on my report (2 credit cards, a paid off car loan and an open car loan) I pay everything on time, but have high balances in the cards. I will be paying off one of them this week, and half of the other. How much improvement will I see as a result of this? What else can I do to raise my score? We have been renting our current home for 5 years, if the owner reported that we have paid everything on time during that period, would it help?My husband just took a new job an hour and a half away, so moving is not an option. Thanks for your help.


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(Source: mortgagefit.com)