CC Util % Question...

[Anonymous]

I will be locking in my mortgage this week and my LO is waiting on my "go ahead" to pull credit.  I have 6 cc's with total CL of $3,300 and overall util of 17%.  Individual util is as follows:

cc 1 = 57/1000 - 6%

cc 2 = 401/500 - 80%

cc 3 = 37/1000 - 4%

cc 4 = 0/200 - 0%

cc 5 = 0/300 - 0%

cc 6 = 94/300 - 31%

My question - I recently paid down the 80% card to 2% and the 31% card to 0%, but it is not reflected yet.  Do you think my points will go up significantly when these payments post to the CR?  If so, how many do you think I will gain.  I am just a few points away from 660...

Thanks, in advance, for you advice!

[Anonymous]

If your util is already @ 17% I'm not sure you'll see a significant boost in your score if it drops below 9%--it seems the biggest point gains occur when utilization goes from above 30% to below 30%.

That being said, try to always keep below 9%

[Anonymous]

Going from 17% to 14% won't make a big difference.

Getting under 10% is where you need to be.

Have you asked for CLI's ?
Any of these Cap one's?

[Anonymous]

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Timothy wrote:
Going from 17% to 14% won't make a big difference.

Getting under 10% is where you need to be.

Have you asked for CLI's ?
Any of these Cap one's?

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Once my payments post, my overall util will go from 17% to 3% - will that help?

No, I haven't asked for a CLI (fairly new accounts) and no Crap 1's.

Thanks!

[Anonymous]

my Math is normally good-

You are correct 3% -

How many points do ya need? 2? 5?

I have seen about 10 points for each 10% of utl. YMMV.

[Anonymous]

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Timothy wrote:
my Math is normally good-

You are correct 3% -

How many points do ya need? 2? 5?

I have seen about 10 points for each 10% of utl. YMMV.

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It's still morning...math shouldn't start being correct until the afternoon!

I'm at 660/650/653 right now...need 660 mid score.

Have a great day!!

[Anonymous]

Doing a rapid re-score or do you expect these to update on their own in time-

Cutting it very close.

[Anonymous]

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Timothy wrote:
Doing a rapid re-score or do you expect these to update on their own in time-

Cutting it very close.

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Would my loan officer be able to process the rapid rescore...what exactly does that entail & how long does it take? 

[Tuscani]

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HeidiBoo wrote:

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Timothy wrote:
Doing a rapid re-score or do you expect these to update on their own in time-

Cutting it very close.

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Would my loan officer be able to process the rapid rescore...what exactly does that entail & how long does it take? 

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Rapid rescoring works by providing info to the bureaus outside their normal reporting schedule of 30-45 days.

The info provided, on letterhead from the creditor, specifying what action is to be taken (most common are: remove lates, update balance, delete tradeline) is faxed to the bureau (TU, EXP and/or EQ) which then investigates to make sure claim is valid. Tradeline is upated & credit report is rescored. Takes 3-5 days.

The costs involved vary... I believe your broker has to initiate the process unless you can get in touch with special handling depts at the CRA.

And remember... There is no guarantee that your score will go up with a rescore.