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New here with much needed help

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littlerobus
New Member

New here with much needed help

I have 3 cards.  They all were recently overlimit, which put my scores at 602.  I've sense paid them down.  Currently they are:

 

Cap1-limit is 600, balance is 124(previous balance-608)

Cap1-limit is 500, balance is 24(previous-518)

Credit1-limit is 950, balance is 150.(previous-1008)

 

Did I pay those down enough to get my scores over a 620?  I probably will not get my new scores until the end of the month.  These were paid down last month but nothing has been reported yet.  

According to the myfico score simulator once they were paid down it brought my scores up to around 660.  Just curious if anyone has any experience with a high jump like that.  It would be great seeing how Im hoping to aquire a mortgage in the next few months.  The mortgage person I am working with takes a midscore of 620.  

Thanks for any help!

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: New here with much needed help


@littlerobus wrote:

I have 3 cards.  They all were recently overlimit, which put my scores at 602.  I've sense paid them down.  Currently they are:

 

Cap1-limit is 600, balance is 124(previous balance-608)

Cap1-limit is 500, balance is 24(previous-518)

Credit1-limit is 950, balance is 150.(previous-1008)

 

Did I pay those down enough to get my scores over a 620?  I probably will not get my new scores until the end of the month.  These were paid down last month but nothing has been reported yet.  

According to the myfico score simulator once they were paid down it brought my scores up to around 660.  Just curious if anyone has any experience with a high jump like that.  It would be great seeing how Im hoping to aquire a mortgage in the next few months.  The mortgage person I am working with takes a midscore of 620.  

Thanks for any help!


You should see a difference once your cards report. Pay two of them down to zero and let 1-9% of CL report on one.

Message 2 of 9
Anonymous
Not applicable

Re: New here with much needed help

@littlerobus wrote:

I have 3 cards.  They all were recently overlimit, which put my scores at 602.  I've sense paid them down.  Currently they are:

 

Cap1-limit is 600, balance is 124(previous balance-608)

Cap1-limit is 500, balance is 24(previous-518)

Credit1-limit is 950, balance is 150.(previous-1008)

 

Did I pay those down enough to get my scores over a 620?  I probably will not get my new scores until the end of the month.  These were paid down last month but nothing has been reported yet.  

According to the myfico score simulator once they were paid down it brought my scores up to around 660.  Just curious if anyone has any experience with a high jump like that.  It would be great seeing how Im hoping to aquire a mortgage in the next few months.  The mortgage person I am working with takes a midscore of 620.  

Thanks for any help!


If you can, pay the 2 smaller ones off and get the balance on the 950 card down under 85 dollars. only 1 card showing a balance and that balance being less than 9 percent will give you your maximum possible score. I would guess you will get what you need with the paydown, but for maximum, follow those guidelines.

Message 3 of 9
Anonymous
Not applicable

Re: New here with much needed help

Mr President beat me to it. hail to the chief and all that crap.

Message 4 of 9
Anonymous
Not applicable

Re: New here with much needed help


@littlerobus wrote:

I have 3 cards.  They all were recently overlimit, which put my scores at 602.  I've sense paid them down.  Currently they are:

 

Cap1-limit is 600, balance is 124(previous balance-608)

Cap1-limit is 500, balance is 24(previous-518)

Credit1-limit is 950, balance is 150.(previous-1008)

 

Did I pay those down enough to get my scores over a 620?  I probably will not get my new scores until the end of the month.  These were paid down last month but nothing has been reported yet.  

According to the myfico score simulator once they were paid down it brought my scores up to around 660.  Just curious if anyone has any experience with a high jump like that.  It would be great seeing how Im hoping to aquire a mortgage in the next few months.  The mortgage person I am working with takes a midscore of 620.  

Thanks for any help!


Couple things.

 

First ignore the simulator. Its useless and often gives me people dramatically wrong expectations

 

We have no idea what exact score change you will have, the utilization is just one factor in your overall credit score.  It probably will rise above 620 but that just a guess

 

Third, where did you get the score of 620 from?

 

Lastly,  mortgage companies typically do not use the FICO score seen here in the dashboard.  They use one of the mortgage enhanced versions two of which just became available here for purchase.  You should check with your lender to see what score(s) they use.

Message 5 of 9
Anonymous
Not applicable

Re: New here with much needed help

Make sure that you don't pay all three down to 0. You'll take a big hit if you do. 

 

While none of us can be sure what will happen to your score, it is a good guess that you'll get up to 620.

Message 6 of 9
littlerobus
New Member

Re: New here with much needed help

Thanks everyone.  My mortgage guy told me to come to this site which has the most accurate scores he uses.  He just needs a midscore of a 620 to get my preapproval so thats why I said 620.  I obviously would like it higher, but I know I have a few more things to do to my credit.  He also told once a mortgage is on my credit my score will also show a big jump.  But obviously not for almost 6 months once said mortgage is obtained and payed on.  

Definitely helpful information on the credit cards.  I will actually do that now.  I am curious though when the credit card companies report to the 3 CRA.  Anyone know that?

Message 7 of 9
Anonymous
Not applicable

Re: New here with much needed help

For your cards, they will report the statement balance. It will take a few days after the statement cuts for the credit reporting agencies to show the updated info.

Also, here is a piece of unsolicited advice: after you get your mortgage your score will increase. Take that opportunity to close that Credit One card and open a more prime card with a higher limit and a grace period
Message 8 of 9
takeshi74
Senior Contributor

Re: New here with much needed help


@Anonymous wrote:

We have no idea what exact score change you will have the utilization is just one factor in your overalls credit score.  It probably will rise above 620 but that just a guess


This.  If you have derogs then you should hit the Rebuilding subform and look into addressing them as they can signficantly hold your scores down.

 


@littlerobus wrote:

I am curious though when the credit card companies report to the 3 CRA.  Anyone know that?


We can't tell you when your cards report.  Creditors don't all report all accounts on the same date.  If the prior post is correct then your cards will report on their statement dates.  You can look at your statements to determine the dates.  If you have a credit report you can see when your cards last reported as of the date of the credit report.  If you use Credit Karma you can look at your TransUnion and Equifax reports on their site.

Message 9 of 9
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