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Ok all -- just got the last COL removed from all three reports!!! Scores went from: TU 580 EX 582 EQ 581 to .... TU 610 EX 615 EQ 600 !!! Not amazing but well on the way! The only other baddie are 3 30 day lates on student loans from 11 months ago... definitely took a hit there so just have to let those age more. AAofA is 7 years, oldest is 12.5 years old.... So, I just paid down my UTIL on all cards, from:
Barclaycard VISA: $3,000 CL .. Was $2,715 --> $900.00 balance
Western FCU VISA: $3,000 CL .. Was $0 --> Still $0, but got a CLI of $2000 that has not yet reported !!
CreditOne: $600 CL .. Was $100 --> $0.00 balance
Capital One QS1: $1,000 CL .. Was $464 --> $0.00 balance
FingerHut: $250 CL --> $0.00 balance
CareCredit: $3,000 CL .. Was $1298 --> $300 balance
I am expecting a significant score bump here, lowering UTIL from 55%, to 44% and now as of today, 9% or so. Any estimates would be appreicated as I never know what to expect. When I went from 55% to 44%, I saw a 15 average bump, so this should be good!!! Weigh in, credit FICO Addicts :-)
Good job! You should see a big jump. The exact number, no one will really know. But once you find out, the forum would appreciate if you post it.
@Anonymous wrote:Ok all -- just got the last COL removed from all three reports!!! Scores went from: TU 580 EX 582 EQ 581 to .... TU 610 EX 615 EQ 600 !!! Not amazing but well on the way! The only other baddie are 3 30 day lates on student loans from 11 months ago... definitely took a hit there so just have to let those age more. AAofA is 7 years, oldest is 12.5 years old.... So, I just paid down my UTIL on all cards, from:
Barclaycard VISA: $3,000 CL .. Was $2,715 --> $900.00 balance
Western FCU VISA: $3,000 CL .. Was $0 --> Still $0, but got a CLI of $2000 that has not yet reported !!
CreditOne: $600 CL .. Was $100 --> $0.00 balance
Capital One QS1: $1,000 CL .. Was $464 --> $0.00 balance
FingerHut: $250 CL --> $0.00 balance
CareCredit: $3,000 CL .. Was $1298 --> $300 balance
I am expecting a significant score bump here, lowering UTIL from 55%, to 44% and now as of today, 9% or so. Any estimates would be appreicated as I never know what to expect. When I went from 55% to 44%, I saw a 15 average bump, so this should be good!!! Weigh in, credit FICO Addicts :-)
Nice work! Thanks for sharing your info & look forward to seeing the real impact. In the meantime...
My guess is going from 4 of 6 cards reporting a balance to 2 of 6 is worth 5 to 10 points.
My guess going from 44% aggregate utilization to 9% aggregate utilization is worth 15 to 20.
My guess going from 90.5% "max out" UT on Barclaycard to under 50% (30% in your case) is worth 5 to 10 points.
Overall score boost guestimate = 30 points. You hopefully will pass a 640 score milestone.
hank you for the guesses!!! Let us hope you are right. I want that VENTURE card in the coming months for a big travel year 2016!!! And a nice big CL!!!
@Thomas_Thumb wrote:
@Anonymous wrote:Ok all -- just got the last COL removed from all three reports!!! Scores went from: TU 580 EX 582 EQ 581 to .... TU 610 EX 615 EQ 600 !!! Not amazing but well on the way! The only other baddie are 3 30 day lates on student loans from 11 months ago... definitely took a hit there so just have to let those age more. AAofA is 7 years, oldest is 12.5 years old.... So, I just paid down my UTIL on all cards, from:
Barclaycard VISA: $3,000 CL .. Was $2,715 --> $900.00 balance
Western FCU VISA: $3,000 CL .. Was $0 --> Still $0, but got a CLI of $2000 that has not yet reported !!
CreditOne: $600 CL .. Was $100 --> $0.00 balance
Capital One QS1: $1,000 CL .. Was $464 --> $0.00 balance
FingerHut: $250 CL --> $0.00 balance
CareCredit: $3,000 CL .. Was $1298 --> $300 balance
I am expecting a significant score bump here, lowering UTIL from 55%, to 44% and now as of today, 9% or so. Any estimates would be appreicated as I never know what to expect. When I went from 55% to 44%, I saw a 15 average bump, so this should be good!!! Weigh in, credit FICO Addicts :-)
Nice work! Thanks for sharing your info & look forward to seeing the real impact. In the meantime...
My guess is going from 4 of 6 cards reporting a balance to 2 of 6 is worth 5 to 10 points.
My guess going from 44% aggregate utilization to 9% aggregate utilization is worth 15 to 20.
My guess going from 90.5% "max out" UT on Barclaycard to under 50% (30% in your case) is worth 5 to 10 points.
Overall score boost guestimate = 30 points. You hopefully will pass a 640 score milestone.
Can't wait to hear the outcome!
Subscribing to see what your results are. I'll be doing pretty much the exact same thing over the course of the next month. Going from ~50% down to under 10% across 5 cards. Hopefully 4 reporting balance to 1 reporting a balance as well. I have a very similar AAoA to you as well...
Good Luck and looking foward to your results.
Good work, getting to the point where you PIF every month is one of the best financial habits you can get. You are well on your way to being able to cancel that Credit1 card.
My guess is you are going to get 40-45 points. With bad marks on your credit report, high utilization hurts you more. On the other hand, your score will probably flatline at some point with the baddies. At least until the 30 days age more.
I don't want to give unwanted advice, but if you don't have an open installment loan, it would probably be a good idea to look into a shared secured loan. It could probably add another 20-30 points with FICO 8. Again only if you do not have any open installment (student, auto, mortgage) loans. There are several threads with info if interested.
Full disclosure, I am just guessing on your score increase. I make no claims of specialized FICO knowledge.
@CreditDunce wrote:Good work, getting to the point where you PIF every month is one of the best financial habits you can get. You are well on your way to being able to cancel that Credit1 card.
My guess is you are going to get 40-45 points. With bad marks on your credit report, high utilization hurts you more. On the other hand, your score will probably flatline at some point with the baddies. At least until the 30 days age more.
I don't want to give unwanted advice, but if you don't have an open installment loan, it would probably be a good idea to look into a shared secured loan. It could probably add another 20-30 points with FICO 8. Again only if you do not have any open installment (student, auto, mortgage) loans. There are several threads with info if interested.
Full disclosure, I am just guessing on your score increase. I make no claims of specialized FICO knowledge.
CreditDunce, I think you are spot on here. Fico 8 likes an installment loan on file - all you need is one and a mortgage also meets the quota. The points look about right: say 20 for a newish loan growing to 30 with age and substantial payment of principal..
Your score increase estimate (40-45) looks good too - I suspect my guess is low. Sure you don't have some inside info on Fico scoring?
@Thomas_Thumb wrote:
@CreditDunce wrote:Good work, getting to the point where you PIF every month is one of the best financial habits you can get. You are well on your way to being able to cancel that Credit1 card.
My guess is you are going to get 40-45 points. With bad marks on your credit report, high utilization hurts you more. On the other hand, your score will probably flatline at some point with the baddies. At least until the 30 days age more.
I don't want to give unwanted advice, but if you don't have an open installment loan, it would probably be a good idea to look into a shared secured loan. It could probably add another 20-30 points with FICO 8. Again only if you do not have any open installment (student, auto, mortgage) loans. There are several threads with info if interested.
Full disclosure, I am just guessing on your score increase. I make no claims of specialized FICO knowledge.
CreditDunce, I think you are spot on here. Fico 8 likes an installment loan on file - all you need is one and a mortgage also meets the quota. The points look about right: say 20 for a newish loan growing to 30 with age and substantial payment of principal..
Your score increase estimate (40-45) looks good too - I suspect my guess is low. Sure you don't have some inside info on Fico scoring?
Thank you for the compliment. Let's hope both of our guesses are low for the OP. The OP should be rewarded for making such good progress in paying down your utilization.
I'd say 8-12 pts