How much of a boost will paying off cards get me?

[Anonymous]

Not counting vehicles, we have about 1800 in debt. Capital one 425/500, best buy master card 280/300, HSBC 175/300, and a credit one visa 175/350. Fingerhut card is 420/800. By paying them all down is coming payday (all under 30%), how much of a boost can we expect? We have a FICO of 557 and 565, and are aiming to be at 600 by July. No late payments since 2010, purchased new (to us) truck in jan 2012. Our balances were almost zero until some jackass from Korea got ahold of our debit card info and went nuts . Having to change our bank info and being without debit cards for three weeks was what wrecked it all..we lived on credit cards for those three weeks since we're in the middle of nowhere without our bank! Say we get to 150/500, 100/300, 100/300, 75/350 and 300/800.

[llecs]

I'll take a guess...

Based on what you posted, you have 5 CCs with a balance of $1475 on a total CL of $2250. Your overall util is 65.6%. If you pay down your CCs to what you stated, and your CR reflects that, then your overall util drops to 32.2% with total balances at $725.

Assuming your overall util was at 65.5% and it lowers to 32.2%, and if it reports that, and if you have no other accounts that can be factored into CC util like a LOC, HELOC, or other CCs including CO'd or closed CCs w/ a balance, and if util is listed in the top one or two slots for neg. items hurting your FICO, and if these scores came from myFICO, then I'd guess an increase of 25 to 35 on EQ and 20 to 25 on TU.

If overall util dropped to under 10%, and at least 3 of your 5 CCs hit $0, then my guess would be 55-65 on EQ and 45-55 on TU.

Just a guess. YMMV.

[marty56]

From your post and ignoring possible Marty math error, I see 1475/2250 65% util with several cards with high util.

From a CC util standpoint I think you could get over 600 if you reduce the # of CC reporting a balance and pay down the debt as much as you can.

IMHO with your plan I think you can get close and possibly to 600.  I'm pulling for ya.

[mtrsprt]

I call 18-23 points.....