Picked up a new loan - hopefully this will this help my score??

[Anonymous]

Hello all,


recently I paid off the majority of my credit cards. About 2000 dollars worth.

However I still had 2 cards left. A boa with a balance of 2930 and a CL of 3000. And a providian account with a balance of 930 and cl of 1000. I just got approved of a new loan with a much lower rate for 2500 dollars.

I paid off the providian in full. Which left 1570 remaining of the loan. I then put that amount on my BOA card which put its balance at 1360.

Im hoping that since I dropped the utilization from about 97% to about 34% for both combined it will help my score. I know utilization plays a big part in the score but does anyone have any idea how much it could help?

Just from paying off 2000 dollars of other cards my score has gone up from 625 to 644 in the last month and a half. Any idea of where it may go now ?

thanks !

[Anonymous]

Great that you were successful in paying down your debt but I don't know if it would give you a score increase. I see that your BOA balance carries a 45% utilization with the new balance. The key is to only use 1-9% util for best results.

[Anonymous]

Well that sucks,

I would have thought by dropping it from near 100% to 45% would be be helpful. I guess dropping the providian from 93% to 0% is good lol.

[Anonymous]

You will see some score increase-

Some of it will get wiped out by 2 new loans and the INQ's-

If the score simulator said you would get let's say "100 points for paying down that much revolving- you would pick up 80 of those points because of the loans-

The simulator DOES not factor in the "MAXED" accounts-

I would play around with the simulator-  

[Anonymous]

It was only 1 loan for 2500 and only 1 inquiry , hopefully it doesnt hurt to much.