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Well I barely squeaked by to do a refi on my house and paid off my car loan, student loan and all credit cards except one where I left a 9% balance. Yesterday, TU dropped 4 baddies off my CR and I have to wait until next month to get those off EX and hopefully EQ. Although my total debt will go up by two thousand with the refi, the only other debt will be a $700 (9%) balance I left on one card and mortgage of course (same payment). I was happy but nervous...my hands literally shaking. Had to write a check 3 times at the bank I was so nervous!
I know my TU score went up on TC account by 15 points but it only shows the baddies gone, not the payoffs yet. None of the other CMS's have updated yet. Should I be expecting a huge jump in my scores soon?
Installment loans being paid off will not do your score any good. Paid off my car last year and got a nice 0 point boost from it. The jump you would get in score depends on how far away from 9% you were. I recently went from 85% to 35% util and got around 30 points on each bureau. Went from 35% to 29% and got 7 points. Going to go from 29% to 3% tomorrow and it'll update on the 9th when Cap 1 reports my account.
Oh cool! I am interesting in finding out what you got! As far as me...Out of debt except my house and the $700 balance I left on a card. Can pay it but want to see what happens with score. I've read that 9% is at maximized scoring. My UTI was at 40%. I'm thinking it will boost it a lot (hopeful anyway). I know with TU with the baddies coming off it was 15 points since yesterday. Still happy!
So no one thinks my scores will improve?
@Anonymous wrote:Oh cool! I am interesting in finding out what you got! As far as me...Out of debt except my house and the $700 balance I left on a card. Can pay it but want to see what happens with score. I've read that 9% is at maximized scoring. My UTI was at 40%. I'm thinking it will boost it a lot (hopeful anyway). I know with TU with the baddies coming off it was 15 points since yesterday. Still happy!
It's actually different for everyone - but anything *under* 10% will have you within 1-2 points of your maximum. You have to experiment with varying amounts to find your peak number.