Credit Score Jump - Estimated

[Mommyto2boys]

I just paid off all of my revolving debt. I don't have high credit limits on my CCs but I was curious if anyone could help me estimate the increase in my credit score.

My equifax score is currently 618. Prior to paying off the CCs my revolving utilization was at 60-76% depending on if you look at the equifax credit report from score watch and the one from annual credit report.com. One is factoring in an existing chargoff balance and one isn't...really weird.

My revolving credit cards are listed below with their limits. All will have a 0 balance on Tuesday of this week.

Captial One  - Limit 1,500 (old balance used in current credit score utilization - 1224)

Children's Place - Limit 300

Sears - Limit  500 (old balance used in current credit score utilization - 220)

Sams Club - Limit 100

Macy's - Limit 600

[Mommyto2boys]

Help Please!

[llecs]

Congrats on the debt paydown!

OK...assuming you have no other CCs reporting AND assuming you have no CO'd CCs reporting AND assuming you pulled this since late last week (for SW), then you're calculated utilization is at 60.2%. Make sure your EQ FICO report reflects a 60% overall utilization. Your report from EQ will read higher and here's why: effective last week, Macys ceased reporting of CLs. This will hurt your score if you carry any balances on it. So, instead of having a total of $3000 in combined CLs, you only have $2400. DSNB is going through some sort of funk (I lost over $7000 in total CLs via Bloomies and Macys).

So, if all of the above conditions are true AND if you paid all CCs to $0, then your util dropped from 60% to 0%. I bet you will see a 50 point gain on EQ once all of those balances reflect $0. I also bet that you might see a slightly higher score if you let one of the balances report a small balance.

[mauve]

Go to the credit scoring boards here and see if you can match yourself up with someone else's approximate history and see what they've gotten.  That's the best I can tell you.  There are so many factors, perhaps a Tarot reading can help.   

That being said, you can play with this to see if it helps:

http://www.bankrate.com/calculators/credit-score-fico-calculator.aspx

[Mommyto2boys]

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@llecs wrote:

Congrats on the debt paydown!

OK...assuming you have no other CCs reporting AND assuming you have no CO'd CCs reporting AND assuming you pulled this since late last week (for SW), then you're calculated utilization is at 60.2%. Make sure your EQ FICO report reflects a 60% overall utilization. Your report from EQ will read higher and here's why: effective last week, Macys ceased reporting of CLs. This will hurt your score if you carry any balances on it. So, instead of having a total of $3000 in combined CLs, you only have $2400. DSNB is going through some sort of funk (I lost over $7000 in total CLs via Bloomies and Macys).

So, if all of the above conditions are true AND if you paid all CCs to $0, then your util dropped from 60% to 0%. I bet you will see a 50 point gain on EQ once all of those balances reflect $0. I also bet that you might see a slightly higher score if you let one of the balances report a small balance.

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Hi Llecs, Thanks for responding. Yes, all assumptions are true. The only issue I am bumping into that might prove this theory wrong is a charge off that has a balance counting towards the revolving utilization for my EQ report from scorewatch only (not when pulled directly from equifax site - equifax shows 60%). It is showing my utilization at 76% which is accurate if the CO account balance is factored in. If this is truly considered I will not be able to get my utilization under 40% without addressing the CO account balance. I did send them a PFD last week; so I am working on it.

Again all CCs are paid off as of today and the only CC balance reported is for a CO credit card from Dell with a balance of 1783 (CL of $1500). Will the 50 point jump still happen or will it be smaller on the report that considers the Dell balance in the revolving utilization?

[llecs]

If showing in your SW report, then the numbers would change. You are going from a 82.7% util to ($1444 + $1783 = $3227 divided by $3900) down to 45.7% (again, Macys CL no longer factors in due to their changes). I bet you'd see a gain of 10-15 points. If Dell reports $0, then I bet you'd see a 70-80 point increase rather than a 50 from before and if Dell is deleted, you could see more of a gain (assuming it isn't your oldest).

Somewhere my 82% figure doesn't match their 76%. Maybe balances are off or CLs are off. In any case, I still would argue 10-15 w/ Dell and 70-80 if Dell reports $0.

Might be worth considering to PIF rather than wait for a PFD. Oh...and yes, the other assumption is that all of your TLs (except Dell) remain open.

[Mommyto2boys]

Thanks llecs. They also offered to settle Dell for $1086.00 and show the account as a paid charge off and Dell would remain as a baddie on my CR until it drops off. I sent a PFD hoping I can get it to drop off all together but haven't had a response. Should I move forward with the settlement to get it down to 0$ faster or would I benefit from being patient and deleting the TL altogether if I get that lucky? Thanks again!

[Mommyto2boys]

llecs, I also have one more question about the CO that I need help with. Dell/DFS is the OC for the CO appearing on my CR. When I call them they refer me to Oxford Management Services and tell me that my account resides with an "in house" CA but Dell still reports the balance and the account on my CR. There isn't a TL or CA account on my credit report for Oxford. Since Dell still holds the account should I be sending the PFD to Oxford or Dell? When I contact Dell they tell me they can no longer see my account and transfer me directly to Oxford but if they are reporting my account monthly then that have to have access to it right? Help please! Thanks a million!!

[mauve]

What address is on your credit report?  I'd send a PFD to that address, regardless of what they say over the phone. 

[Mommyto2boys]

I just received the score watch alert today and it included the payoff of the 1224 balance only and I only realized a 15 point increase. I was hoping for more but I will take what I can get.

Also, I had a 9 point decrease due to Macy's not reporting their credit limit.. Hopefully, it will be fixed soon and I will get that 9 points back making the increase 24 points.

When the remaining balance of 220 reports I hope that helps a little as well. Looking at the previous increase of only 15 points it will probably only be a couple of points.

I am still working on the Dell Collection. As soon as I sent a PFD to the in house CA (dell/Oxford) they sold it to another CA; so if they report (just got my dunning letter in the mail) my score will tank again. This roller coaster sucks but will be worth it in the end! Thanks for your help.