Question about utilization on cc's

Anonymous · ‎03-12-2008

I am trying to get my FICO score up as much as possible this month. I have 3 cc's. One cc is at 26% util. and a second cc is at 25% util. My 3rd is at 91% util. If I pay this one down to 70% util. do you think my FICO will go up at all? I know ideally they should be under 10% but I cannot afford to pay that much on my cc this month. TIA!

Anonymous · ‎03-12-2008

If it does increase incredibly by paying down your debt, GREAT!!!! If it does increase marginally by paying down your debt, GREAT!!!!!!!!!! If it does NOT increase at all by paying down your debt, GREAT!!!!!!

Bottom line is your paying down your debt and that should make you feel wonderful. Good for you.

Now if your trying to get a mortgage and you are trying to hit a magic FICO score number in a short period of time, others on this board will have ideas on how to pull your score up.

It would be helpful if you let everyone know what you are trying to accomplish (whether it be solely to increase your score for your own personal reasons, or not) and what scores you are trying to get to. Good luck with all.

Message Edited by realworldknowledge on 03-12-2008 09:42 AM

Anonymous · ‎03-12-2008

realworldknowledge wrote:
If it does increase incredibly by paying down your debt, GREAT!!!! If it does increase marginally by paying down your debt, GREAT!!!!!!!!!! If it does NOT increase at all by paying down your debt, GREAT!!!!!!

Bottom line is your paying down your debt and that should make you feel wonderful. Good for you.

Now if your trying to get a mortgage and you are trying to hit a magic FICO score number in a short period of time, others on this board will have ideas on how to pull your score up.

It would be helpful if you let everyone know what you are trying to accomplish (whether it be solely to increase your score for your own personal reasons, or not) and what scores you are trying to get to. Good luck with all.

Message Edited by realworldknowledge on 03-12-2008 09:42 AM

Okay, here is more detail. When I got pre-approved for a house my mid score was 621. After my credit was pulled I got a score watch alert that my FICO dropped 7 points. I have already signed the sales contract on a house yet we have not opened escrow yet. I know that my credit will be pulled once again before the final loan approval. I want to get my score up as much as possible in the next couple weeks. My cc that has the high util will report to the credit agencies sometime next week. I want to pay as much as possible to get my score up. I can only afford about $400(so I don't take away from my down payment & closing cost money) and I want to know if it'll even make a difference to pay the $400 and bring my util down to 70%.

Junejer · ‎03-12-2008

4kids, you are up against it...understand. Have you tried the simulator or estimator? I would do a sim and use the drop-down box for one month (as opposed to the 24 months). It will let you know what will happen. It has been my understanding that you get "help" at under 50%, 30%, 20%, 10%.

Let us know what your sim says.

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Anonymous · ‎03-12-2008

Gotcha.... Personally I think it would help, don't know how much.. Have you tried the FICO simulator? I know it doesn't have much of a leg to stand on but might give you some help/direction. There is also a feature that gives you the best case scenario. Others here might be able to address this issue better. Hope all works out for you.

Anonymous · ‎03-12-2008

realworldknowledge wrote:
Gotcha.... Personally I think it would help, don't know how much.. Have you tried the FICO simulator? I know it doesn't have much of a leg to stand on but might give you some help/direction. There is also a feature that gives you the best case scenario. Others here might be able to address this issue better. Hope all works out for you.

I tried the simualtor but since I haven't ordered a recent credit report it won't let me use that feature.

Anonymous · ‎03-12-2008

Oh and if I pay the $400 my OVERALL revolving util will be 34%. I know my score is based on overall util and individual util.

Anonymous · ‎03-12-2008

What's your total util at right now?

Thoughts on AU?

Message Edited by realworldknowledge on 03-12-2008 10:17 AM

Anonymous · ‎03-12-2008

realworldknowledge wrote:
What's your total util at right now?

The best way to get your score up real quick might be to become an AU on someone else's established good account. I don't think FICO 08 has caught up to this yet.

My total revolving util is 43% as of last credit report.