How much can I expect my credit score to improve?

My husband and I both have decent credit scores in the low 700's. We have six debt accounts, three revolving and three installment (including our mortgage). Over the next seven months we plan on having them all paid off with the exception (obviously) of the mortgage.



We have zero intention of EVER using the revolving accounts again, what is the impact on our credit score to leave them open for the $20k (+/-) capacity vs closing the accounts? How much can I expect our credit score to change as each of these accounts is paid in full? (No prepay penalties on any of them if that counts for anything)



Next spring we are going to be buying a new vehicle and hope to be selling our current home and buying a new home within a year so we want our credit score to be in good shape. Thanks!How much can I expect my credit score to improve?
It would be a good idea to have 2 major credit cards in case of emergency. Just use it for gas and small items so it will show activity. Close the revolving accounts because you can always use the major credit card in any dept store. The last 24 months will stay on your reports.How much can I expect my credit score to improve?
Carrying credit card balances of more than 30% of the limit hurts your score. Pay off the balances and your score rebounds.



Once you pay off the credit cards, you may want to keep them open if you plan on a new mortgage with the next 6 months. However, you really need to use them at least every 3 or 4 months for a small purchase and pay the balance in full. This keeps the account active. Card companies are closing inactive accounts after shorter periods. Some companies are charging monthly fees for inactive accounts.



Depending on how many credit cards, you may want to close some and keep the oldest major cards open. If you do opt to close accounts, do it via letter and request written confimation that the account is closed and 0 balance. Keep that confirmation in your forever financial file.



Paying off installment loans early won't do anything to improve your score. Installment loans build credit by making the payments over time. Paying them off early will save you interest and it will improve your debt to income ratio which is a important for a new mortgage.



One more thing, you probably should buy the new car AFTER the new mortgage. Buying the car first could make it harder to get the mortgage -- increased debt to income ratio, lower score due new debt, etc.
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments - credit-report-score.10001mb.com