I'm not sure if this question should be posted here, or in the Credit Card forum, but I guess I felt there may be more knowledge specific to this question here!
I'm just getting ready to begin the pre-approval process for a mortgage. I have had high utilization on a few of my CC's
5500/6000, 2550/3000, 1780/2000, but this month paid them down to 2900/6000, 1400/3000, 800/2000. With these high balances posting to my reports (the 5500/6000 was considered maxed out), I came back with a 660 mid score. I do have a 30 day late on a car loan from 1.5 years ago (that has since been paid off), but other than that, no negatives. I'm just wondering if I can expect a nice score jump from getting my utilization down under 50% on all cards (and I'm at about 40% of total revolving debt). I know it would be higher with lower uti, but this is where I am.
Any insight would be appreciated.
Starting Score: EQ-484(10/10/2011) TU-533(10/10/2011)
I'm thinking you will see a substantial boost when you get that util down, also when the late reaches 2 years old you'll see a bump.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
@Shogun wrote:I'm thinking you will see a substantial boost when you get that util down, also when the late reaches 2 years old you'll see a bump.
Wanted to give an update to this. Just had my balances post to credit bureaus, so I pulled equifax from here.
My utilzation changed to 51/6000, 1200/3000, 882/2000 and score jumped to 701. I'm a little bummed about the 51/6000 as I had it paid down to zero, but interest charge from the balance I had previously hit as the statement posted. Hoping to see another small jump as two inqs fall off in the first week of Feb, but ecstatic about the rise from lowering my util.
Thanks again for the input!
Crystal ball is still working! Nice bump, congrats!
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
