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Established Member
Posts: 22
Registered: ‎02-14-2009
0

need a eight point fico increase, so I need advice please!

I have one credit card. It has a 500 limit, it currently reports on my credit report with about a balance of $350. My mid score is 612 so my LO needs me to get to 620 for fha.

 

It will update on 3/9

 

Currently it has a $100 balance.

 

I need to know what amount is the best for a high score jump. I heard between 5-10% and some people say 45% so help, I just need 8 points.

 

Oh and yes this is my only CC that I can work with here!

7/28 Eq 680
TU 641
In sep of 08 my Eq was 542!
Hubbys

7/28 Eq 640
TU 657
On our way to buying our first home Smiley Happy
Valued Contributor
Posts: 1,998
Registered: ‎03-31-2008
0

Re: need a eight point fico increase, so I need advice please!

If this is your only card i will PIF an let it report a 0 balance i'm sure you will get a jump then.


Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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Established Member
Posts: 62
Registered: ‎01-13-2009
0

Re: need a eight point fico increase, so I need advice please!

either pay it off completely or pay it off to a $40 or less
Established Member
Posts: 22
Registered: ‎02-14-2009
0

Re: need a eight point fico increase, so I need advice please!

how much of an increase can I expect? If I pay it off to $50 ?
7/28 Eq 680
TU 641
In sep of 08 my Eq was 542!
Hubbys

7/28 Eq 640
TU 657
On our way to buying our first home Smiley Happy
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Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: need a eight point fico increase, so I need advice please!

If this is your only CC, then I guess about 20 points.

As hotsaka hinted, if you can pay to $50, then you are much better off paying to $40. Ideally you want less than 10% reporting and paying it to $50 is still too high.
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