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I gained 33 points from paying down my balance!

Frequent Contributor

I gained 33 points from paying down my balance!

I gained 33 points on my score just from paying down my walmart card to $0 from $72. My CL is $150. That was reporting at 48% utilization....makes a big difference! Glad I wasn't at 48% utilization on a CL something like $25,000. I think $72 is manageable. :-))

 

By the way, my walmart account was the only account (of 6 credit cards) reporting a balance. I was experimenting with my score.

In my wallet: AMEX BCE $18k | AMEX ED $19.5k | AMEX EDP $10k | AMEX BCEP $10k | HEFCU $10k | Discover it $8.8k | Capital One QS $9k | Chase Freedom $4.5k | Walmart $3,200 | JCrew $2,350 | Chase Slate (AU) $22k.
Now in the garden...
Current FICO Scores: 783 (EX) | 766 (EQ) | 764 (TU)
Message 1 of 12
11 REPLIES
Regular Contributor

Re: I gained 33 points from paying down my balance!

That's great!! Im hoping I can get the same results. I just paid 2 cards down to $0 (1 from $76 & the othe from $5) as well. I am 26 points shy of 640 to get my pre approval letter. Smiley HappySmiley Very Happy

 

 

Message 2 of 12
Senior Contributor

Re: I gained 33 points from paying down my balance!

congrats


Message 3 of 12
Frequent Contributor

Re: I gained 33 points from paying down my balance!

wow, good job!Smiley Happy


Starting Score: No credit history in July 2013, 663 in August (lender pulled)
Current Score: 773 (Discover FICO), 749 (DCU EQ)
Ultimate goal: Buy a house in 2016!
Message 4 of 12
Established Contributor

Re: I gained 33 points from paying down my balance!

Congrats on the increase! I'm waiting for my lowes card to update from $2498/6000 to 0/16000. Hope to have success, but quite that level. Congrats!

NFCU CashRewards $13.5k | AMEX BCE $15k | Lowes $17k | Sportsmanss guide $7.6k | Chase Freedom $1k | Discover IT $4.4k |
Walmart $8k | Gordman's $2950
Message 5 of 12
Highlighted
Established Member

Re: I gained 33 points from paying down my balance!

Was surprised how much decreasing utilization can help... After graduating from grad school, paid down 10k of 11k CL on 4 different cards over 6 months, had had a lot of those cards above 90% utilization for years... In that 6 months alone, my score rose 80 points, 100 after all was reported

Message 6 of 12
Valued Contributor

Re: I gained 33 points from paying down my balance!

Great job!

AMEX (BCP - $25K, Platinum - NPSL, SCP Bus - $17.5K, SPG - $20K)|BOA (BBR - $15K, CR - $15K)|Barclays (Arrival+ - $17.5K, Ring - $15K)|Blispay - $10K|CAP1 (QS - $30K, Venture - $30K)|Chase (AARP - $15K, freedom - $5.5K, CSP - $25K, MRP Bus - $15K, Slate - $13.5K)|Citibank (DC - $28.2K, HD - $25K)|Discover it - $32.5K|Fidelity IR - $16K|Huntington Voice - $17K|LMCU - $10K|NFCU (cashRewards - $30K, GoRewards - $30K, CLOC - $15K)|PFCU (CR - $30K, Defender - $20K, LOC - $10K)|Synchrony Lowe's - $25K|US Bank Cash + ($12.5K, $21K)|USAA (Cash Rewards - $16K, Rewards - $23.4K, WPAOG - $10.5K)
Message 7 of 12
Contributor

Re: I gained 33 points from paying down my balance!

Congrats! 


03/12/14 Fico 698 EXP

Message 8 of 12
Member

Re: I gained 33 points from paying down my balance!


Hcontreras wrote:

I gained 33 points on my score just from paying down my walmart card to $0 from $72. My CL is $150. That was reporting at 48% utilization....makes a big difference! Glad I wasn't at 48% utilization on a CL something like $25,000. I think $72 is manageable. :-))

 

By the way, my walmart account was the only account (of 6 credit cards) reporting a balance. I was experimenting with my score.


Congrats!! I gained 54 points by paying down my credit cards... Utilization was 70%.. Smiley Sad I would never utilize my cc like that again

Starting score: EX 474 EQ 480 TU 525 January 2012
Current Score: EX 684 EQ 659 TU 661 March 2014
Goal: 700 across the board
Capital One QuickSilver $2000//Capital One Journey $500//Walmart $900//Childrens Place $750//Paypal $1000
Message 9 of 12
Established Member

Re: I gained 33 points from paying down my balance!

Hey, i had the exact OPPOSITE happen to me!!! ..received a NY & Co retail card in Jan cl $250

i made a purchase of $69.42 in Feb

credit score dropped 33pts!  within 2-3 weeks , ive been ticked-off!  but i paid the full balance  of $70---- 10 days BEFORE the due date..

 HOPEFULLY  my score  will come back up 30pts since  i have $0 balance now..

do you think i regain some pts back on my score?

http://www.capitalone.com/media/graphic-logo/credit-cards/card-art/price-mc-90-angle.jpg
https://ne.edgecastcdn.net/80033E/www.creditkarma.com/res/content/creditcards/creditoneb/cccreditonebank01_big.png
Message 10 of 12