I have one credit card. It is currently at 31% utilization. I have no debts or loans. I want to apply for a home loan soon, and via Credit Karma, this is the only bad spot on my credit score.
If I pay off the balance immediately, in what timeframe would I see my credit score improve?
If the timeframe is monthly, then I could wait to apply for the home loan. If it's more like yearly, then there's no point in waiting (need to move soon).