Fico score increase

[Anonymous]

I have combined Revolving/Open Account balance of $490 of about $500 in credit card limits, and I need my fico score to increase about 60 points for a mortgage.  If I pay it down 50% or more this month, is it possible to see my score increase the 60 points I need by next month?

Paul

[Anonymous]

You are at 90% utility since this only equates to $490, you need to pay it to 9% or under to possibly see that big of a score increase.

[llecs]

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pch110 wrote:

I have combined Revolving/Open Account balance of $490 of about $500 in credit card limits, and I need my fico score to increase about 60 points for a mortgage.  If I pay it down 50% or more this month, is it possible to see my score increase the 60 points I need by next month?

Paul

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If all of your revolving balances are as you say, including any CO CC accounts, then you are at 98% utilization. Paying it down to $45 or less will likely bring you upwards of 50-75 points. So, yes, very possible to increase by 60 points.

If you pay your CC balances down, you'll see the change in your scores typically when your statement arrives in the mail.

Paying down balances are good, but try repair. You'd be surprised what a baddie removal can do. I increased DW's reports by 20 points on avg in one week with just one letter. GW letters are great.

[Anonymous]

This is my first post so go easy on me... I don't know all the lingo but I've been reading and working on my credit scores for 60 days or so.

EQ: 501 EX: 558 TU: 626

I recently got my investigation report back from Equifax and they removed two baddies from my report and I paid off the only other CO with a balance. what do you think my EQ score might do?

[llecs]

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doggins wrote:
This is my first post so go easy on me... I don't know all the lingo but I've been reading and working on my credit scores for 60 days or so.

EQ: 501 EX: 558 TU: 626

I recently got my investigation report back from Equifax and they removed two baddies from my report and I paid off the only other CO with a balance. what do you think my EQ score might do?

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If the baddies removed were CAs, then expect an increase. The increase depends on your history and the number of CAs remaining. 20-30 points per CA is conservative, assuming you don't have but one or two left. If you removed a CO, or paid CO, your score could increase if it had several lates attached to it, but you could also see a drop in score due to removing them.

The CO with the now-removed balance may increase your score. It's removal could drop your score.

[RobertEG]

pch, you have a low CL on revolving, and thus a high % util.  Getting it down to under 50%, and ideally under 10%, is important to FICO.  But if you are appy'ing for a mortgage loan, this is but one factor. 

Debt to income, which FICO does not even score, would appear to me to be a more major concern.

[Anonymous]

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@llecs wrote:

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@Anonymous wrote:
This is my first post so go easy on me... I don't know all the lingo but I've been reading and working on my credit scores for 60 days or so.

EQ: 501 EX: 558 TU: 626

I recently got my investigation report back from Equifax and they removed two baddies from my report and I paid off the only other CO with a balance. what do you think my EQ score might do?

---

If the baddies removed were CAs, then expect an increase. The increase depends on your history and the number of CAs remaining. 20-30 points per CA is conservative, assuming you don't have but one or two left. If you removed a CO, or paid CO, your score could increase if it had several lates attached to it, but you could also see a drop in score due to removing them.

The CO with the now-removed balance may increase your score. It's removal could drop your score.

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@Anonymous EQ score jumped 72 points!! I'm @ 573 now!

[Anonymous]

The bottom line: don't be in a hurry to buy a home, especially if your credit score is below 700. In six months, your credit score will be higher and houses will be cheaper. Time is on your side.