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New Contributor
Posts: 71
Registered: ‎02-21-2009
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How much of an increase? Paying down debt.

I have only one current revolving account with a limit of $1000. I paid it down from 93% to 73% last month and got a 10 point increase (579 to 589). This month, I paid it down to just under 9% (current balance $87.70) and it should be reporting any day now. I know you can only guess, but how much of an increase can I expect with all other things being equal?

Starting Score: 586 (2/09)
Current Score: 674
Goal Score: 720


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Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: How much of an increase? Paying down debt.

I'd guess 30-35 points.
New Contributor
Posts: 71
Registered: ‎02-21-2009
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Re: How much of an increase? Paying down debt.

Thanks, I hope you're right, we need about 30-35 points to qualify for FHA. we'll see...Last month, the scorewatch came through on the 9th for an increase that occured on the 7th (when they reported the balance decrease), so hpoefully I will get a scorewatch alert by the end of the week!

Starting Score: 586 (2/09)
Current Score: 674
Goal Score: 720


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New Contributor
Posts: 71
Registered: ‎02-21-2009
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Re: How much of an increase? Paying down debt.

Well, it only brought my Equifax up by 21 points, to 610. I thought that meant we wouldn't qualify for sure because I thought for sure Equifax would be my highest or middle. The last time I pulled all three scores , it was the highest (but they were all very close) and since then no negatives have been added to Equifax and the other two have a CA that isn't reporting to Equifax (recently pulled other two reports without scores), but I decided to go ahead an apply anyway and see what happens. Good thing I didn't just give up, the lender just called and Equifax is my low at 610 with the other two at 638 and 658, not sure how, but it means my middle is 638 and we qualify for FHA!!! Doesn't make any logical sense, but I'll take it!

Starting Score: 586 (2/09)
Current Score: 674
Goal Score: 720


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