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Registered: ‎05-23-2013
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Introduction and Possible Score Increase?

Hello everyone Smiley Happy

 

I have been a forum lurker for quite some time, but I decided now was the time to post. I am 21 years old and my cards are...

 

Cap 1: $1,500 CL

Wal-Mart: $2,000 CL

 

My score has been low due to my UTI (dumb college student, maxed out credit cards ~96% UTI.) My FICO score as of May was 647, with my Wal-Mart card having a CL of $500. Since the beginning of the month, my WM card was increased to a CL of $2,000, and I was added as an AU on a Discover card with a CL of $24,000 (only carries a balance of about $15.00 each month.)

 

Can I expect a jump in my score come June? If so, how much would be reasonable to expect?

 

Thank you all and God Bless

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Introduction and Possible Score Increase?


bobthecreditbuilder wrote:

Hello everyone Smiley Happy

 

I have been a forum lurker for quite some time, but I decided now was the time to post. I am 21 years old and my cards are...

 

Cap 1: $1,500 CL

Wal-Mart: $2,000 CL

 

My score has been low due to my UTI (dumb college student, maxed out credit cards ~96% UTI.) My FICO score as of May was 647, with my Wal-Mart card having a CL of $500. Since the beginning of the month, my WM card was increased to a CL of $2,000, and I was added as an AU on a Discover card with a CL of $24,000 (only carries a balance of about $15.00 each month.)

 

Can I expect a jump in my score come June? If so, how much would be reasonable to expect?

 

Thank you all and God Bless


 

 

Welcome!

 

If your 647 FICO reflects maxed out CCs, and the Wal-Mart was maxed at $500 CL (esp. at 96% util), then I'll make the assumption that you have about $2000 in balances on $2000 in CLs prior to the CLI and AU. Assuming you don't pay a dime on the balances (or use them more), then after the CLI util drops to 57%. That probably won't result in that much of an increase. If the AU is clean of lates, isn't brand new, and does report $15/mo, then util drops to 7%.

 

Few things going on....if you only have 2 CCs, and none other reports, then adding a 3rd could produce a small increase by itself due to an improvement in mix. Util will change too. 96% to 7% would result in a nice increase. If you look at your FICO report and if util is listed as a top reason, then you would see larger score gains. I personally gained 125 on EQ FICO just by paying down 89% to 1%, but my reports were clean. Maxed out CCs ding a lot extra. If the CL on Wal-Mart made it not-maxed, then you could see an additional gain, though the other CC is maxed too and you really would want to pay that down ASAP. The age of the AU comes into question too. If among your oldest accounts, or the oldest, then you could see an additional gain from that. Ifbrand new, then you could see a ding cutting into some of those gains. Certainly dynamic.

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Posts: 4
Registered: ‎05-23-2013
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Re: Introduction and Possible Score Increase?

[ Edited ]

Hi Ilecs,

 

I guess I could have delved more into the details...

 

My AAoA is 4.2 years. After adding the AU Discover, it should rise to roughly 4.8 years.

The 96% UTI was incurred when my Cap1 CL was $1,500 (and I had a $14~ something balance), and the WM card had a $500 CL (with an entirely maxed out balance.)

The ~50% UTI will be due to a $1,300 balance on the Cap1, and a $300 balance on WM card. (UTI is expected to actually be in the 40% range.)

The Discover card is about 5.5 years old, has excellent payment history and a <5% UTI every month.

My HP inquiries total 4, two of them will be over a year old come June.

 

Other than my 2 cards and the 1 AU, I also have multiple student loans in good standing, with no missed or late payments, and no negative information (at all) on my report. I was hoping for quite a jump, but either way I am in this for the long haul.

 

I certainly hope for a 125 jump Smiley Very Happy My UTI with the $24,000 card should be brought down, correct?

 

Notice: My name changed because the system said there was no record of that login id.

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Introduction and Possible Score Increase?


bobthecreditbuilder123 wrote:

My UTI with the $24,000 card should be brought down, correct?

 

Notice: My name changed because the system said there was no record of that login id.



Yes, the Discover will factor into util.

 

If you ever see that same error message again, back out of that screen and try again. Sometimes the forums with throw out that error message. Happened to me a couple of times and I knew I existed.

New Member
Posts: 4
Registered: ‎05-23-2013
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Re: Introduction and Possible Score Increase?

Sorry for the late reply, I have been battling with the login system lol.

 

And okay, that makes a lot of sense. So far my scores are not reflecting any of my higher credit limits or the AU, so it might not show up until my July scores. I am really not very concerned anymore though... Since I posted this I achieved my goals that I had set- getting approved for a car loan, and getting a Chase Freedom card.

 

I got the car loan, 7,000+, no money down and 9% interest rate.

I applied for Chase, was turned down, called the recon number and was approved for a low limit ($500), due to my UTI. But, I just wanted the card, and they also said when the UTI went down on the Cap1, I would be up for an increase in the 4K range.

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