Reply
Contributor
paramed3
Posts: 79
Registered: ‎07-01-2013

Re: I just got a 39 point bump in my Credit Score I want another 50 Help me in right Direction

[ Edited ]

Oh my gosh I will let you do it while I practice ?

Starting FICO Score 2007: >> >> 533 -- God those were some Dark Days !!
Current >>>> 10-07-2013 - (Experian 760) - (Equifax 724 ) - (Transunion 758 )
FICO Goals: 760 For all 3 or above
Ultimate Fico 800 Plus
FAKO SCORES 748-EQ, 741-EX, 846-B-TU:
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: I just got a 34 point bump in my Credit Score I want another 50 Help me in right Direction

Contributor
paramed3
Posts: 79
Registered: ‎07-01-2013

Re: I just got a 34 point bump in my Credit Score I want another 50 Help me in right Direction

Credit Karma gives me a 0% utilization now but I have a couple of charges that should post tonight on a credit card with 2000 less than 100.00 balance now. All others are zero balance. I am trying to find what it was before my payments.

Starting FICO Score 2007: >> >> 533 -- God those were some Dark Days !!
Current >>>> 10-07-2013 - (Experian 760) - (Equifax 724 ) - (Transunion 758 )
FICO Goals: 760 For all 3 or above
Ultimate Fico 800 Plus
FAKO SCORES 748-EQ, 741-EX, 846-B-TU:
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: I just got a 34 point bump in my Credit Score I want another 50 Help me in right Direction

[ Edited ]

From what you gave your utilization before pay off was 24%.  Not too bad but still kind of high.

 

After paydown/off it should be 1.1% which is excellent.  Not sure how many points you will get but I'd say at least 20.  Depends on your entire profile.

 

Do you have more CC you didn't list?

Contributor
paramed3
Posts: 79
Registered: ‎07-01-2013

Re: I just got a 34 point bump in my Credit Score I want another 50 Help me in right Direction

I have these 

 

Capital one $777.00 out of $2000 Utilization before payment was ?? but now 4.07% only card with a balance of 81.00 now

US AIR $1507.00 out of $4800 Utilization before payment was 30.25% now zero 

Paypal $953.00 out of $2700 Utilization before payment was 35.30% now Zero

credit one  $213.00 out of $550 Utilization before payment was 31.27 % now zero

JC Penny $8.48 out of $900 Utilization before payment was .089% now zero

 

 

So I paid more than I thought. this is a clear snap shot of what it was this past month and what it will be when it reports next week.

 

Thanks 

Steven

Starting FICO Score 2007: >> >> 533 -- God those were some Dark Days !!
Current >>>> 10-07-2013 - (Experian 760) - (Equifax 724 ) - (Transunion 758 )
FICO Goals: 760 For all 3 or above
Ultimate Fico 800 Plus
FAKO SCORES 748-EQ, 741-EX, 846-B-TU:
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: I just got a 34 point bump in my Credit Score I want another 50 Help me in right Direction

Ok now I recalculated.  It was at 32% it would now be .73%.  Not sure that will be rounded up to 1 or not.

Contributor
paramed3
Posts: 79
Registered: ‎07-01-2013

Re: I just got a 34 point bump in my Credit Score I want another 50 Help me in right Direction

So do you think I can manage a 40 point bump from doing this ?

Starting FICO Score 2007: >> >> 533 -- God those were some Dark Days !!
Current >>>> 10-07-2013 - (Experian 760) - (Equifax 724 ) - (Transunion 758 )
FICO Goals: 760 For all 3 or above
Ultimate Fico 800 Plus
FAKO SCORES 748-EQ, 741-EX, 846-B-TU:
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: I just got a 34 point bump in my Credit Score I want another 50 Help me in right Direction

It depends on what other negatives are on your report.  But, typically, I would say 10 points for every 10% paid down.

Contributor
paramed3
Posts: 79
Registered: ‎07-01-2013

Re: I just got a 34 point bump in my Credit Score I want another 50 Help me in right Direction

Only negatives are 2 inquiries back in 2012. No collections or anything like that. 128 payments of pure on time with credit cards. Only other thing there is an installment loan older than 1 year but paid on time like clock work. It is from a finance company and wish I had got it from the bank instead. I read here where lenders do not like to see a finance company on your report. I am trying to gather data wheather I should pay it off or leave it and pay it perfect on time for the installment history.

Starting FICO Score 2007: >> >> 533 -- God those were some Dark Days !!
Current >>>> 10-07-2013 - (Experian 760) - (Equifax 724 ) - (Transunion 758 )
FICO Goals: 760 For all 3 or above
Ultimate Fico 800 Plus
FAKO SCORES 748-EQ, 741-EX, 846-B-TU:
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: I just got a 34 point bump in my Credit Score I want another 50 Help me in right Direction

You may get a few points for paying it off.  Even paid off it will still be a negative for being a Consumer Finance Loan.  If you only have one it shouldn't be too bad.  It is when you have many more that starts to be an issue.

 

Those type of companies are looked at badly due to the fact that they are considered to be for consumers that can't get anything else.

 

Do you have any other installment loans?


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+