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Established Member
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Registered: ‎07-24-2017
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Will paying down my Credit Card increase my Fico Auto 8 score?

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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?

Current Score:EQ 631, EX 629, TU 654 (8/03/17)
Goal Score: 700+ across all 3
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Posts: 293
Registered: ‎12-07-2014
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Re: Will paying down my Credit Card increase my Fico Auto 8 score?

Better to let a very small balance report. When all 3 are 0 you get 0 points for revolving lines of credit.
Established Member
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Re: Will paying down my Credit Card increase my Fico Auto 8 score?


work_n_progress2 wrote:
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?

Current Score:EQ 631, EX 629, TU 654 (8/03/17)
Goal Score: 700+ across all 3
Regular Contributor
Posts: 122
Registered: ‎03-18-2017
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Re: Will paying down my Credit Card increase my Fico Auto 8 score?

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.


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