Is it possible for my FICO score to increase by 25 points in a week?

[Anonymous]

I am in the process of getting qualified for a mortgage on my first house. Very exciting however; when the mortgage company ran my scores I had a score of 615 and I need a score of 620. My LO asked me to pay down my only debt which was a $300 limit credit card to $ 15.00. I have no other loans or bills except this one credit card and after I paid this down to $15.00 he said that we could request a rapid rescore. With doing this my score would then have to increase to a minimum of 640. Once I paid off this debt my score could possibly change up to 32 points. All I need is 25. Is it realistic for this to happen? We are submitting the rapid rescore today. I feel like I may be getting my hopes up this could work and in reality it's just the LO making us feel better.

Thanks for all of the advice!

[rckstrscott]

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@Anonymous wrote:

I am in the process of getting qualified for a mortgage on my first house. Very exciting however; when the mortgage company ran my scores I had a score of 615 and I need a score of 620. My LO asked me to pay down my only debt which was a $300 limit credit card to $ 15.00. I have no other loans or bills except this one credit card and after I paid this down to $15.00 he said that we could request a rapid rescore. With doing this my score would then have to increase to a minimum of 640. Once I paid off this debt my score could possibly change up to 32 points. All I need is 25. Is it realistic for this to happen? We are submitting the rapid rescore today. I feel like I may be getting my hopes up this could work and in reality it's just the LO making us feel better.

Thanks for all of the advice!

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It is possible, but I wouldn't hold my breath to be honest... what was the usage of that credit card going into the payment?

-scott

[Anonymous]

I never used the card really. Maybe twice a month for small purchases.

[rckstrscott]

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@Anonymous wrote:

I never used the card really. Maybe twice a month for small purchases.

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Sorry.. how much balance was on it last credit report?

[Anonymous]

The balance was $235 on my credit report and I paid it down to $15.00.

[rckstrscott]

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@Anonymous wrote:

The balance was $235 on my credit report and I paid it down to $15.00.

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hmmm.. you just might get the boost.. it is really hard to say without knowing your credit mix, and negative information ect ect

-scott

[llecs]

OP, look on your lender's report. Just above your FICO info, the tri-merge report will show the top 4 negative things reporting on your CR. If utilization is in the top spot, then the odds are better. If util is not showing in the top four, then the odds of an increase due to CC paydown diminish greatly.

[How2increase]

It is very possible, the Util. That you had was Very high for a 300 limit. I have hope for you good luck!! And please update!!!