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Will I see much of jump?

Regular Contributor

Will I see much of jump?

I have one CC from my credit union, $1000.00  this months statement is going to show a balance of $173.00.   Do you think I'll see any increase in my scores?  EQ 571 TU 568  TIA!
Message 1 of 12
11 REPLIES
Established Contributor

Re: Will I see much of jump?

let,

 

Good job on paying down your debt.  The jump will depend on how much other debt you have and your credit limits.  What will this do to your utilization percentage?

Message 2 of 12
Regular Contributor

Re: Will I see much of jump?

 Thanks,I was determined to get it down! The only other thing I have is an unsecured loan for $2,400.00 at this same credit union. I don't have any other credit cards...
Message 3 of 12
Established Contributor

Re: Will I see much of jump?

What is your credit limit on that credit card?
Message 4 of 12
Regular Contributor

Re: Will I see much of jump?

the limit is $1000.00, the balance is $173.00. 
Message 5 of 12
New Contributor

Re: Will I see much of jump?

What was the balance before this month's statement? 
Message 6 of 12
Regular Contributor

Re: Will I see much of jump?

last month was $642.00
Message 7 of 12
New Contributor

Re: Will I see much of jump?

No guarantee but I'd say you might see anywhere from 20-40 points.  

 

Congrats on paying that down! 

Message 8 of 12
Regular Contributor

Re: Will I see much of jump?

That would be great!! Thanks.  I'll keep you posted..Smiley Wink
Message 9 of 12
Established Contributor

Re: Will I see much of jump?

Yes, you should see a nice jump.  Basically you are going from 64% utilization down to 17%.  To get the best results get it under $100.  FICO likes to see between 1% and 9%.  Keep us posted though.
Message 10 of 12