Paying down Util from 52% to 0%: Will I see a boost?

[MarineVietVet]

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@Anonymous wrote:

I'm in the same situation. I'm really curious. I have 2 cards that were maxed out and 1 that was actually over the limit. My report showed I had $2 of credit available out of a possible $10580! It's been a VERY rough last couple of years. Glad to report I paid 100 % of the cards off and hoping for a spike. I'm currently sitting at 711. I've had too many hard inquiries as well. I will report back if I see any boost.

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Welcome to myFICO.

That is a fantastic accomplishment. I know how hard that can be. You have shown alot of self discipline and are to be congratulated.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

You should see a huge boost. 30% of credit scoring is based on your debt balances, and a substantial percentage of that (actual weighting is unknown) depends on your utilization rates of credit cards. It might be a month before your scores update, but you should see a decent increase.

[Settemio]

Dont rely on Score watch to update. I sat around waiting... and no bounce.... Someone told me on here to use free reports to validate that my CCs had posted the new balances. I did that and 3 of the 5 did, but SW still showed no increase. So I refreshed my report here on myFICO and my score had in fact went up 16 pts. SW didnt work...

For those that are inquiring about what kinda increase you might get. I was at 90% util and had a score of EQ 651 when I started, I am at 24% util now and my score is 692 EU and 700 even TU.