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How long before a score jump?

Established Member

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!
4 REPLIES
Established Contributor

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

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

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

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
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Do what is true in spite of the consequences--your future is only as true as you are.