01-28-2013 12:13 PM
I need 25 more points to get 645 can this work. I have two cards one has a 300 limit that has a 70.00 balance and the second has a 500.00 limit with a 218.00 balance, also I have a charge card that has a 4000 limit and it sits at 2800 dollars now.
If i pay the 300 balance down to 0.00 , the 500 balance down to 70.00 and pay the 2800 dollar balance down to 2100 will that give me the 25 points I need?
Thank you in advance for your help
01-28-2013 12:59 PM
Are these your only 3 CCs? If not, you'd need to provide more detail. If these are your only three, then it breaks down as follows:
= 3088/4800 = 64.3%
If you pay them down as mentioned, then you have...
2100/4000 = 45.2%
On that alone, even at the best odds with util at the #1 negative slot on your FICO reports, I can't see your FICO increasing by 25. Maybe half at best.
Your odds improve some if you get the other to $0, but I still don't see 25 under the best scenario. Maybe a few more though. You might hit 25 if you get the $2800 to $1200 w/ the $70 to $0.
01-28-2013 01:09 PM
Not possible to predict with even a general number, as scoring is based on an overall view of all categories, of which % util of revolving is only one part of one category.
Is payment history your most negative category? Major derogs?
If so, you are most likely in a scoring category that emphasizes payment history, making substantial score increases a bit tough without addressing the major derogs.
What is your payment history, and what might you do in that category? Have you tried PFDs or GWs?
The revolving util change equates to a reduction in overall % util from 64% to 45%.
45% is still a bit high, so I would make a general guess that gaining 25 pts might be a stretch.