Reply
Established Member
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
Posts: 567
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 November 17, 2014 (prior to applying for and being approved my mortgage)

EX=738
EQ=735
TU=754

FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
Super Contributor
Posts: 8,188
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
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
Posts: 7,970
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.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.