How many points will my score improve?

Anonymous · ‎09-10-2009

I am paying off two credit cards that are maxed out in full. I am in the process of buying a home, how soon will my score improve and by how many points?

Thanks!

alph4 · ‎09-10-2009

It would probably help to list the current balances and limits of the two cards. Additionally the other details of your credit history. Even then, it'll be hard to calculate even closely. Your best bet is to use a score estimator.

Current Cards:
American Express Blue Cash Preferred - March 2007 - CL $10,000
Citi Forward Visa Signature - September 2009 - CL $6,500
Chase Freedom - March 2011 - CL $15,000
Chase Sapphire Preferred - May 2013 - CL $12,500
Discover It - November 2013 - $5,000
Barclay Arrival - January 2014 - $10,000

Anonymous · ‎09-10-2009

One card is about $3,000 the other card is about $2,000 which still will leave me with about $6500 in revolving debt.

llecs · ‎09-10-2009

There's no way to guess with the info provided. If you list the old CC balances for all of your CCs w/ CL and list the new ones w/ the CL, we could probably take a stab at it.

For max points, you'd want all but one CC to report $0, with the last CC reporting a balance between 1% and 9% of your CL.

Most CCs report around your statement date. If in a time crunch, your lender can help out with a rapid rescore.