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Contributor
JWatson0405
Posts: 93
Registered: ‎10-07-2011
0

Looking for a score boost

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)
Current Score: EQ-701(1/18/2013) TU-735(1/20/2013)
Goal Score: 750s!!


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Regular Contributor
daneatreia
Posts: 109
Registered: ‎11-22-2011
0

Re: Looking for a score boost

You may see a small increase with you paying your cards own, I would suggest calling the card issures and request a CLI to help with your utilization. To maximize your score try to get the utilazation down to 30 percent or less if that is possible. Good luck! 


Starting Score: equifax 543myfico,experian (fako)634 quizzle, 605 walmart tu08
Current Score:equifax 649 myfico,experian 643 FICO (lender pull) , 651 walmart tu08, 650 Transunion 98 FICO (lender pull
Goal Score: 680 all three Dec 31 2012


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Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Looking for a score boost

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.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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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!
Contributor
JWatson0405
Posts: 93
Registered: ‎10-07-2011
0

Re: Looking for a score boost


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!


Starting Score: EQ-484(10/10/2011) TU-533(10/10/2011)
Current Score: EQ-701(1/18/2013) TU-735(1/20/2013)
Goal Score: 750s!!


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Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Looking for a score boost

Crystal ball is still working!  Nice bump, congrats!


Starting Score: 504

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!
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: Looking for a score boost

Pay them down more and ultimately have a zero balance on all but one card. On the one card with balance keep Utilization under 9% and you will see another jump in score.
Good Luck
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