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New Member
Posts: 2
Registered: ‎08-09-2007
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What Should I expect??

I had $24,000 In credit card debt.  I came into some money and was able to pay off all of the cards except one.  It had a $9,600 balace and now has a balance of $6,400.  The other cards (12) have a $0.00 balance.  My FICO score (experian) is 602.  What can I expect it to be in about 1-2 months?
Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
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Re: What Should I expect??



Blewis wrote:
I had $24,000 In credit card debt.  I came into some money and was able to pay off all of the cards except one.  It had a $9,600 balace and now has a balance of $6,400.  The other cards (12) have a $0.00 balance.  My FICO score (experian) is 602.  What can I expect it to be in about 1-2 months?


 
Are the payoff's already showing on your reports?  How close to maxed were you before you paid them down.  How much derog info was related to the accounts.  Were they in goodstnding at the time of payoff.

Frequent Contributor
Posts: 452
Registered: ‎07-14-2007
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Re: What Should I expect??



Blewis wrote:
I had $24,000 In credit card debt.  I came into some money and was able to pay off all of the cards except one.  It had a $9,600 balace and now has a balance of $6,400.  The other cards (12) have a $0.00 balance.  My FICO score (experian) is 602.  What can I expect it to be in about 1-2 months?


Depends on the age of your credit and what your utilization is on all of your credit,
the older the TL'S the more forgiving and the newer the negatives like lates and CO's
then that looks bad, but the good thing is your heading in the right direction...
List what you have and the pro's can give you some insight but there is no set score jump
that can be estimated.

 
New Member
Posts: 2
Registered: ‎08-09-2007
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Re: What Should I expect??

I was just about maxed out on all the cards.  The $0 balances haven't started showing yet.  There was no derog on those accounts that got paid off but I had several late pays in '03 on accounts that have been closed.

Brammy wrote:


Blewis wrote:
I had $24,000 In credit card debt.  I came into some money and was able to pay off all of the cards except one.  It had a $9,600 balace and now has a balance of $6,400.  The other cards (12) have a $0.00 balance.  My FICO score (experian) is 602.  What can I expect it to be in about 1-2 months?


 
Are the payoff's already showing on your reports?  How close to maxed were you before you paid them down.  How much derog info was related to the accounts.  Were they in goodstnding at the time of payoff.




Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
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Re: What Should I expect??

Okay  since Fair Isaac wont give us their scoring formula,out of curiosity I went to my fico simulator to see what would happen to my scores if I 'maxedout'. A maxed out accoutn can hurt you as much as a collection and you have 12. My credit file is fairly young and I am close in avail credit though I don't think that matters just percentage.  If I maxed out my cards, according to the simulator, I could take up to a 80 point hit on my scores. I would assume you would see a large recovery based on other factors in your scores.
 
I can tell you from experience, before coming here, I only had one card that was close to the limit.  Got ratejacked, didn't understnd why as I paid on time every month nd never paid minimums.  After much research, and opening new cards (after closign that one).  The effects of my own score adjustment were immediate.
 
Right now you look as if you are at the recommended 30% try for 10 or less GRADUALLY so your reports will also have time to age and you won't be disappointed with the results.
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