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BUNCHES
Posts: 4
Registered: ‎07-22-2007
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HOW MANY POINTS WOULD I GET???

I HAVE RECENTLY BEEN TRYING TO RAISE MY CREDIT SCORE.  MY SCORE IS BETWEEN 500 AND 570 DEPENDING ON WHICH CREDIT AGENCY.  MY CREDIT CARDS ARE PRETTY MUCH MAXED OUT, IF I WERE TO PAY THEM DOWN, HOW MANY POINTS DO YOU THINK THAT WOULD ADD TO MY SCORE???
Frequent Contributor
Tmleverage
Posts: 452
Registered: ‎07-14-2007
0

Re: HOW MANY POINTS WOULD I GET???

Use the fico score simulator it will show you a range of pssibilities..
New Member
BUNCHES
Posts: 4
Registered: ‎07-22-2007
0

Re: HOW MANY POINTS WOULD I GET???

HOW DO I GET TO THE SIMULATOR, I CANT FIND IT ON THE SITE
 
Moderator Emeritus
fused
Posts: 16,374
Registered: ‎03-12-2007
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Re: HOW MANY POINTS WOULD I GET???



BUNCHES wrote:
I HAVE RECENTLY BEEN TRYING TO RAISE MY CREDIT SCORE.  MY SCORE IS BETWEEN 500 AND 570 DEPENDING ON WHICH CREDIT AGENCY.  MY CREDIT CARDS ARE PRETTY MUCH MAXED OUT, IF I WERE TO PAY THEM DOWN, HOW MANY POINTS DO YOU THINK THAT WOULD ADD TO MY SCORE???


Hi! High Utilization of CC's tanks your FICO scores. The good news is that it's easy to fix if you have money. Paying down your CCs balances to below 50% of your CL (credit limits) will help some, <30% better,  1-9% max FICO points. There is no telling exactly how many points you will gain with any change on your CRs (credit reports). That said, if you get your util% down to 1-9% you should see a significant increase in your scores. If your serious about repairing your credit, I suggest you purchase all 3 of your FICO scores/reports from this site. The thread below is excellent, I recommend your read it.
 
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Moderator Emeritus
fused
Posts: 16,374
Registered: ‎03-12-2007
0

Re: HOW MANY POINTS WOULD I GET???



BUNCHES wrote:
HOW DO I GET TO THE SIMULATOR, I CANT FIND IT ON THE SITE
 


P.S. the score simulator is not so accurate!:smileyhappy:
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Re: HOW MANY POINTS WOULD I GET???



BUNCHES wrote:
I HAVE RECENTLY BEEN TRYING TO RAISE MY CREDIT SCORE. MY SCORE IS BETWEEN 500 AND 570 DEPENDING ON WHICH CREDIT AGENCY. MY CREDIT CARDS ARE PRETTY MUCH MAXED OUT, IF I WERE TO PAY THEM DOWN, HOW MANY POINTS DO YOU THINK THAT WOULD ADD TO MY SCORE???





That's hard to say, but you will probably get around 20 to 25 points...give or take. You also will reap the benefits of less interest to pay. Maxed-out cards also make CCCs nervous--lower your balances and keep them low, and you'll likely find the CCCs are more receptive to giving you CLIs. High balances also make you a target for ratejacking.
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