Utilization question

[Anonymous]

Hi all, just trying to figure out what kind of point gain I could possibly expect by paying down most of my credit card debt.  Right now I have 46% util and 6500 in debt.  If I paid that all the way down to maybe 200 dollars and 2 percent util, starting at a 625 score where do you think that would take me?  is there any chance it could get me over the 660 hump for my mortgage??

[casmith1980]

Just out of curiousity, do you have the score watch through myfico?  If so, there is a Score Simulator which would be far more helpful than guesses from us   Since your FICO score takes into account several different things, it's hard to say what your score would do (you could get a boost from AAoA, or from something negative falling off/aging, etc.).  It's difficult to say what type of score increase you would get, but paying down your utilization is NEVER a bad thing

[Anonymous]

I do have the scorewatch product, but I've read that its really not all that accurate.  It does say if I paid off all my open credit lines my score would be 675-700.  But that seems high for just paying off some CC's

[casmith1980]

Utlization is a HUGE part of your FICO score   I say just do it...not only will you have less debt (which is always great) but you'll also get some points on your score!!!  Don't forget to post your new score