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I have three revolving accounts right now with a credit utilization of 75%, If I bring it down to about 10% what do you expect my score to JUMP to?
Right now it's at 633 (According to Walmart TU Score).
Just trying to get an idea if I should bring it down right now before I start app'ing for more CC's.
Anybody with past experience please chime in thanks!!!
Any bad stuff on your reports?
Lates? If so, how late and how recent?
Collections? If so, when was the date of first delinquency?
Charge-offs? If so, how old and how much is owed if anything?
Public records? If so, how old?
Any inqs less than a year old?
How long is your credit history?
What is your AAoA (average age of all of your accounts on your reports?
@fused wrote:Any bad stuff on your reports?
Lates? If so, how late and how recent?
Collections? If so, when was the date of first delinquency?
Charge-offs? If so, how old and how much is owed if anything?
Public records? If so, how old?
Any inqs less than a year old?
How long is your credit history?
What is your AAoA (average age of all of your accounts on your reports?
No Lates
One Collection Paid (falls off Dec 2015)
One Charge Off (falls off Dec 2015)
One Public Record Judgement Paid (falls off February 2015).
One Inquiry less than a year old
Credit History = ~ 12 years
AAoA = 4 Years
One Auto Loan and One Student Loan, paid on time with History of ~14 months for both.
FICO Scoring has a ton of moving parts, so it's difficult to determine exactly how many points you'll gain or lose when there's a big change to your credit reports. I will give you an "educated" guess on where your score will go if you go from 75% to 10% util.
Your baddies are quite old, yet your score is lower than what I would expect. It appears the util is having a big affect on your score. Keep in mind myfico and Walmart are both TU FICO 08 scores. The 08 formula is more sensitive to high util. My guess is you'll gain 50 points or more by going from 75% util to 10%. You might get even more points if you get your util below 10%.
I would certainly pay down your CC balances before apping. Make sure the lower util is reporting on all three of your reports before you go apping.
@fused wrote:FICO Scoring has a ton of moving parts, so it's difficult to determine exactly how many points you'll gain or lose when there's a big change to your credit reports. I will give you an "educated" guess on where your score will go if you go from 75% to 10% util.
Your baddies are quite old, yet your score is lower than what I would expect. It appears the util is having a big affect on your score. Keep in mind myfico and Walmart are both TU FICO 08 scores. The 08 formula is more sensitive to high util. My guess is you'll gain 50 points or more by going from 75% util to 10%. You might get even more points if you get your util below 10%.
I would certainly pay down your CC balances before apping. Make sure the lower util is reporting on all three of your reports before you go apping.
Thanks for your input! That is what I was suggesting, when I had one credit card with $1000 limit my score was the same as right now so I know that the high credit utilization is definitely impacting me. I would just like to get it 700 or above. I'll report back in a month or two and post an update.
If you can, try to have only one card reporting a balance. One card reporing 9% util or below is ideal.