How to Lower a High Balance on a Credit Report

Lowering a high balance on a credit report can help improve your FICO rating. Creditors send notifications to the bureaus each month, and with these notifications, creditors update your balance on credit cards and loans. High balances decrease your score because the more debts you owe, the higher your debt-to-income ratio. You can combat this issue and lower balances on your credit report.

Instructions

1

Double check the accuracy of reports. A creditor or lender may fail to update your report and report a higher balance after you've paid down or paid off an account. Obtain your report from Annual Credit Report and check the balance of each listed account. If creditors inaccurately list an account, contact the creditor and ask it to update your record.

2

Decrease the amount you owe to help bring down balances. If possible, write a check to completely get rid of a credit card balance or smaller loan, or at least pay down the debt with higher minimums. Creditors will update your record to reflect a lower account balance.

3

Re-evaluate your credit report. Creditors and lenders usually update reports on a monthly basis. Wait at least 30 days after paying off or paying down an account and then request another copy of your credit report from the bureaus. Review the newly reported balances for accuracy.