utilization drop and score increase question

[Anonymous]

3 cards... $1K, $700 and $750 lines... going down from 102% utilization (631 CK, 648 CS, 566 Equifax score watch) I just paid $600 down... any idea on what my score can jump up to? Thx in advance for your advice.

[MarineVietVet]

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@Anonymous wrote:

3 cards... $1K, $700 and $750 lines... going down from 102% utilization (631 CK, 648 CS, 566 Equifax score watch) I just paid $600 down... any idea on what my score can jump up to? Thx in advance for your advice.

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More information is needed.

What were your CL's and balances for each card compared to present figures?

FICO scores not only individual but overall utilization.

[ojefferyo]

Are you maxed out and some more? I see your utilization is over 100%

[Anonymous]

$1008/$1000

$700/$700

$730/$750

now... $700/1000  $412/$700 and $730/750

[MarineVietVet]

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@Anonymous wrote:

$1008/$1000

$700/$700

$730/$750

now... $700/1000  $412/$700 and $730/750

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It will help some because you were maxed out on all three cards but after the pay down it still comes out to:

700/1000 = 70% utilization

412/700 = 59%

730/750 = 97%

Overall utilization = 75%

[Anonymous]

Thanks... I just want to be at 620 for a mortgage.... 2 months away!

[Anonymous]

Your utilization is still too high to see any real jump.

The next markers are at 50-60%, 30% and 10% depending on who you ask.  I'd try to get it below one of those threshholds

The other side of the mix is it will also affect your DTI when you go for the mortgage.  Moral of the story, try to pay down as much as yuo can prior to getting a mortgage

[Anonymous]

You might also ask for CLI's as well...

[Anonymous]

myfico scores increased 23 (eq) 31 (exp) 16 (TU) ..... utl drop from 100% to 75%.. 

[Anonymous]

Sorry to be a **bleep**, but it sounds like you are on a path to financial self-destruction. Can you afford to pay these credit cards off? If you can't you might want to hold on to having a mortgage.