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Just Paid $36,000 in Revolving Debt

Established Contributor

Just Paid $36,000 in Revolving Debt

I didn't want these balances hanging over my head anymore.  My score also took a hit from these balances so I just paid off my two best credit card accounts. One was my Platinum Visa with Navy Federal and the other was my Bank of America Accelerated Rewards Amex. It certainly feels good.

 

Any guesses on what this will do to my Fico score and profile? I have to believe a HUGE point increase is coming when this reports.

 

UM

17 REPLIES
Valued Contributor

Re: Just Paid $36,000 in Revolving Debt

AWESOME CONGRATS!!!!!!!

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Established Contributor

Re: Just Paid $36,000 in Revolving Debt

Thank you Smiley Happy

Valued Contributor

Re: Just Paid $36,000 in Revolving Debt

What will those payments totaling $36k do for your utilization %?

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


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Established Contributor

Re: Just Paid $36,000 in Revolving Debt

I know it will drop my utilization but I'm wondering the score effect it will have?

Valued Contributor

Re: Just Paid $36,000 in Revolving Debt

Should improve your score, but as has been said here, usually best results are obtained with one card reporting a 1-9% util% and the rest at zero.

Does it leave your percentage within that range, do other cards report a zero balance? Is 767 your latest score? Was that score from when you had these higher balances/higher util %?

Your score should go up.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Moderator Emeritus

Re: Just Paid $36,000 in Revolving Debt


Uncle_Money wrote:

I know it will drop my utilization but I'm wondering the score effect it will have?


What was the utilization before the pay down and what will it be now?

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Established Contributor

Re: Just Paid $36,000 in Revolving Debt

1- Most of my other accounts are reporting at a zero balance. I also have a mortgage and installment accounts reporting... 34 accounts to be exact. All in perfect standing. 2- Score tanked when these balances reported. I don't recall exactly how much but i know it went into the low 700s. UM

Valued Contributor

Re: Just Paid $36,000 in Revolving Debt

I don't believe your mortgage and installment loans factor into your revolving debt util%. Scores will gain some points though. Congrats.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Mega Contributor

Re: Just Paid $36,000 in Revolving Debt


Uncle_Money wrote:

I didn't want these balances hanging over my head anymore.  My score also took a hit from these balances so I just paid off my two best credit card accounts. One was my Platinum Visa with Navy Federal and the other was my Bank of America Accelerated Rewards Amex. It certainly feels good.

 

Any guesses on what this will do to my Fico score and profile? I have to believe a HUGE point increase is coming when this reports.

 

UM


Congrats!!

 

I would say it depends where your overall util% is before the payemnts post.




EQ FICO 548 3/3/16