08-22-2013 01:07 PM
I was wondering if anyone had any ideas how much my score will rise. I pulled credit on 8/15/2013 and it was only TU 06 624, which is my middle. My experian is 669. What I noticed is on current Revolving accounts I had these for balances:
BEST Buy $0/305
TJ MAX $0/$200
Cap One $527/$1500
Cap One $65/$600
I have since paid all the balances down to $0. How much can I expect to see my score go up. Considering I am taking Utilization from 31% down to less than 1%, and there will not be a "maxed out revloving account"
08-22-2013 01:56 PM
Welcome to the forums.
You don't want all of your CC to report a 0 balance. FICO likes to see some use. Have all but 1 report 0 balances and the other at 9% or below.
I would say up to 20 points as long as one is reporting a small balance.
It will also depend on other things on your CR. Any negatives, lates, collections, etc?
08-22-2013 02:15 PM
Thank you for the response. Yes, I have negatives, but they are approaching 5 years ago. I just noticed that there is a small collection, but that will be 4 years ago. I havent missed any payments in over 5 years. The balances when they pull credit next will will be:
Cap one $5.27/$1500
Cap one $0/$600
Bet Buy $0/305
I went through a divorce and watched my credit go from a 780 to 400 in a matter of months!
08-22-2013 02:55 PM
Yep, divorce can do that to credit.
Ok, your utilization should be ok.
Are the collections paid or unpaid. Either way FICO scores them the same, as a collection.
If they are paid send Good Will letters asking for them to be removed. If they aren't send a Pay For Delete, you pay if they will delete.
Even that old they are still impacting your score.
08-22-2013 03:06 PM
Yes I called them yesterday to see if they would delete if I paid, its actually a bill my ex was suppossed to pay. But I would pay it if they would delete it, they said they can not do that. If I paid it I would think it would hurt my score because it will reset the clock on the age of the debt correct?
08-22-2013 06:12 PM
08-22-2013 06:48 PM
Remember with a mortgage they use the middle score IE not the highest socre nor the lowest score returned on your three bureau credit report. The lender either has or should be able to get access to credit Xpert. which is the best FICO score simulator in the industry. This would be able ot tell the lenderif / how the score can be raised. You could also try the Score simulator here using an Equifax credit report to see what it would suggest to receive the necessary points.
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