Reply
Established Member
stick_bug
Posts: 33
Registered: ‎08-27-2007
0

How long before a score jump?

Greetings, all.
 
My current mid-score is 797 (EQ). A few days ago, I paid three of my CC balances down from a 50-60% utilization rate down to a 1% utilization rate (a total of $27,000). I have four other cards with zero balances, and a total of $150,000 in available revolving credit. The paid-down CCs are 2 BofA cards and one Amex Business Rebate Card (revolving). How soon can I expect to see an increase in my scores, and by approximately how much? The rest of my credit is spotless, with the exception of a recent inquiry for homeowner's insurance on an investment property. Just hoping to make it into the 800 club soon. Thanks!
Established Contributor
jackg
Posts: 558
Registered: ‎04-26-2007
0

Re: How long before a score jump?

Any impact to your FICO scores will be seen after your Credit Card Co. turns in his monthly report to all 3 CRA's and they then input it into their formula.
FICO scores on 07/31/14:
EX=730
EQ=716
TU=740
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: How long before a score jump?



stick_bug wrote:
Greetings, all.
 
My current mid-score is 797 (EQ). A few days ago, I paid three of my CC balances down from a 50-60% utilization rate down to a 1% utilization rate (a total of $27,000). I have four other cards with zero balances, and a total of $150,000 in available revolving credit. The paid-down CCs are 2 BofA cards and one Amex Business Rebate Card (revolving). How soon can I expect to see an increase in my scores, and by approximately how much? The rest of my credit is spotless, with the exception of a recent inquiry for homeowner's insurance on an investment property. Just hoping to make it into the 800 club soon. Thanks!


It looks like your average util was less than 20% (27K out of 150K) and will now be less than 10%.
 
It probably won't be a huge jump, especially at a score of 797
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Established Member
stick_bug
Posts: 33
Registered: ‎08-27-2007
0

Re: How long before a score jump?

Heck, as long as I get that coveted 3 points, I'll be happy. IAnd I just now paid all three CC balances down further, leaving $100 on each. That should do the trick, no? I have no other balances other than a mortgage and a small car loan ($2300 balance), both of which are always paid on time.
 
Thanks for all the advice!
Moderator Emeritus
ByrdMan
Posts: 7,975
Registered: ‎12-19-2007
0

Re: How long before a score jump?

Stick, I would be surprised if you don't see those points, but the CRAs are going to probably snipe at you a little bit, b/c your scores are so high. For instance, I would be surprised if they aren't telling you too many accounts with balances (esp. TU). Try to keep less than half of your open accounts reporting a balance. Since you only have five open accounts, that will be difficult, with a mtg and IL reporting. Maybe only allow one CC to report a balance. GL
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}