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08-07-2017 10:49 AM - edited 08-08-2017 10:45 AM
I currently have a Fico Score 8 of Eq- 664 Trans - 664 Experian -629 and Auto 8 of Eq -616 Trans -624 Exp - 620, When I check the simulator on MyFico it shows a 41 point increase when I pay off my only credit card with a balance which is about $4500. No other balances on my other 2 credit cards. My question is will paying this credit card off also increase my Fico Auto 8 scores? And if so how much will it effect it?
08-10-2017 10:41 AM
Better to let a very small balance report. When all 3 are 0 you get 0 points for revolving lines of credit.
Will doing that increase the Auto scores as well?
08-13-2017 06:17 AM
You don't say what your limits are for those cards, but I suspect that lowering your revolving balance from $4.5k below 9% total utilization and for that individual card will have a noticeable impact across the board.
Getting below utilization percentages of 49%, 29% and 9% generally improves scores. If lenders see that you're not straining the limits you already have, they're more likely to view your profile favorably.
08-18-2017 09:19 AM
08-18-2017 12:18 PM
I learned to let 4%-7% report. I paid off 30L in reporting balances and my scores fell from around 10-15 points by doing so. I was so shocked but once I started letting smal balances report they leveled back out and also started to increase slowly.
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