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New Contributor
Posts: 113
Registered: ‎07-07-2013
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Credit Scoring

Last month I was able to lower the balances on two of my credit cards to less than 6% of utlilization, while a third (BoA) was sitting at 39%. When the third card reports next week, the balance will be zero. If I continue to keep the first two cards at less than 10% of utliization while the BoA card remains at zero, should I see a nice bump in my score? I'm trying to reach 680 for a mortgage. I currently have a 632 FICO score (middle and lower). My top score is 689.

Valued Contributor
Posts: 1,715
Registered: ‎03-07-2013
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Re: Credit Scoring

U would see a bump yes... Not sure if the bump will be that high tho...the most ive gotten was around 15 pts w util from 30s to 15 or less...ymmv


GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
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Valued Contributor
Posts: 1,715
Registered: ‎03-07-2013
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Re: Credit Scoring

Also its best for scoring to pay off all but one...and that one w balance less than 6 percent


GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
---=[NORTHBOUND]=---
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: Credit Scoring

What was your utilization on the cards with the scores you quoted.  I am game to guess the effects.

               LIMITS IN CARD DESCRIPTIONS
New Contributor
Posts: 113
Registered: ‎07-07-2013
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Re: Credit Scoring

This has occurred since Sept. 1:

Card 1: Balance went from $110 ($250 limit) to $18 (no score increase) - Creditor reports on the 2nd of each month

Card 2: Balance went from $199 ($200 limit) to $5 (and limit increase to $300) - EQ increased 13 points; EX increased 15 points; TU increased 4 points; creditor reports on the 5th of each month

Card 3: Balance has gone from $521 ($1337 limit) to zero. Creditor is expected to report Sept. 14.

 

Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: Credit Scoring

Sorry still didn't answer which balances the scores quoted in original post included and didn't include.

               LIMITS IN CARD DESCRIPTIONS
Valued Contributor
Posts: 1,715
Registered: ‎03-07-2013
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Re: Credit Scoring

How long have u had your cards as well as crashems qs


GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
---=[NORTHBOUND]=---
New Contributor
Posts: 113
Registered: ‎07-07-2013
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Re: Credit Scoring

One card I've had for 10 years and the other two I've had for less than three months.

New Contributor
Posts: 113
Registered: ‎07-07-2013
0

Re: Credit Scoring

Here's my attempt to answer your question:

 

Scores on 9/7:

TU: 632

EQ: 632

EX: 689

 

Balances on those reports:

 

Capital One: $5 ($300 limit)

Capital Bank: $18 ($250 limit)

BoA: $521 ($1337 limit)

 

August 15 scores:

 

TU: 623

EQ: 597

EX: 662

 

Balances on those reports:

 

Capital One: $199 ($200 limit)

Capital Bank: $110 ($250 limit)

BoA: $521 ($1337 limit)

Regular Contributor
Posts: 187
Registered: ‎07-06-2013
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Re: Credit Scoring

Pay the $18 card to zero in time for the statement to cut. Keep small balance on $5 card. Keep zero balance card at zero. Do you have any old closed cc's that are reporting balances, if so these will negatively effect your utilization.
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