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I posted this in Rebuilding section too,but didn't know how to move it to this section.
I'm just getting ready to begin the pre-approval process for a mortgage. I have had high utilization on a few of my CC's
5500/6000, 2550/3000, 1780/2000, but this month paid them down to 2900/6000, 1400/3000, 800/2000. With these high balances posting to my reports (the 5500/6000 was considered maxed out), I came back with a 660 mid score. I do have a 30 day late on a car loan from 1.5 years ago (that has since been paid off), but other than that, no negatives. I'm just wondering if I can expect a nice score jump from getting my utilization down under 50% on all cards (and I'm at about 40% of total revolving debt). I know it would be higher with lower uti, but this is where I am.
Any insight would be appreciated.
With those numbers you're going from 89-90% util to under 50%. You'll see a healthy bump in your scores as a result. Congratulations (in advance) for the score boost, and you should definitely pat yourself on the back for paying off so much debt!
Good luck!
That's great news. Thanks!