util

[vetstorm91]

My util was 42% on credit cards.  I paid them down at the beginning of the month or 1%.  Do anyone know how much an increase will that get me on my credit score.   My scores are 08/18/11...........exp 610  tu  586.........eq 569...............................I am trying to purchase a home.  My lease is up on sep 30 where I stay now.  I just was trying to see when they update around the 20-25 of this month would it be a good idea to wait or rent another home for a year or move into an apartment until score is at 620.  I will be applying for a va loan and I am a 50% disable veteran.  Do anyone know will I get a 10-51 point  increase thanks.....................................................................

[kenworthguy]

Hi, did you get your scores for EQ and TU from myfico, the ones you show on here sound like they maybe fako's. If you don't have myfico scores, you could get either EQ or TU and then use the credit simulator, that would give you some kind of idea what you might get for a bump in your score. I can't and wouldn't give you any advice about what to do but if it were me, personally, I would try to rent another home for a year and build your score's up. As always, The higher they are the better.  Best of luck whatever you decide to do. 

[vetstorm91]

My scores are almost there to purchase a house. Do anyone have any insight how I can raise my score another 20-30 points in about 3-6 months. I was going to rent a house for another but im going to move into an apartment for six months. I am a veteran I really want to buy a house and stop wasting money renting.

[llecs]

Ditto to kenworthguy...did you get all 3 scores from a lender or did you get them from a service? If you got them from a service, then these 3 are not FICO scores. Ignore them. Just because these scores increase or decrease, it doesn't mean your FICOs would do the same. In fact, if these are FAKOs, your FICOs could easily be much higher. I have one right now, a FAKO, that's at 521. My TU FICO when pulled the same day recently was 692. That's a 170 point difference! If it came from a service, lenders don't touch those scores.

Assuming for a second they are FICO scores from a lender (or TU and EQ pulled from here). How many CCs do you own? How many more are reporting $0 balances? If these are FICO scores, and if you have a solid mix of credit (3+ CCs), and you have no other accounts factored into util like LOCs or HELOCs, or CO'd CCs, and the util on your FICO report indeed drops to 1% on one card with the remaining 2+ at $0, then could easily see a gain of 40-50 points across all 3. Maybe 60 if you have a bunch of new $0 balances reporting in relation to your other accounts. If it's a FAKO, you won't see these gains.

Thanks for your service!

[vetstorm91]

They are from a lender. I have two credit cards and they are now at 12% utilization. So I will pay them below 7% next month. Thanks

[llecs]

If you have two CCs, and only two, and nothing else factors in like a HELOC, LOC, or any unpaid CC COs, then I'd revise my answer down a bit to maybe 20-40. Definitely get one to report $0 and the other to under 9% of the CL for max points. You can also ask your lender for a rapid rescore if you want to speed up the process after making a payment, though a fee might be involved.

[vetstorm91]

Thank you I just email the lender and see what he say about rapid rescore.

[drkaje]

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@vetstorm91 wrote:
Thank you I just email the lender and see what he say about rapid rescore.

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I'm not overly familiar with rapid rescoring but you also may need to remember that some cards report on different schedules.

Low Util is great but paying on time, over time is going to make huge improvements, also.

[Anonymous]

Mine shot up as shown in my signature but I went from over the limit on my card to 9% which is probably why I got such a huge jump.  

[vetstorm91]

I understand just need 7 points in I can get that va loan. Hopefully, I wil hear from lender sometimes this morning.