Paying off 3 CC and Score

[Tpelc23]

We currently have 3 CC and we are 100% utilization...If we pay them all in full would we get a score bump

Total of balances between the three cards is $1,431.00

[Revelate]

---

@Tpelc23 wrote:

We currently have 3 CC and we are 100% utilization...If we pay them all in full would we get a score bump

Total of balances between the three cards is $1,431.00

---

Absolutely.  How much, case-by-case, but paying down your cards is nothing but goodness from a FICO perspective.

[llecs]

Likely you'd see a nice increase as mentioned. The amount varies from credit profile to credit profile, or as we say, YMMV. If you are comparing FICO scores for the before and after, and if your FICO report lists util as major negative, especially if in the #1 slot, and if these 3 CCs are the only ones factored into util and these are not closed, then you'd see large double digit gains as the balances come down. I went from 89% to less than 3% and saw 125 on EQ and 75 (IIRC) on TU.

[Tpelc23]

Thanks for the response guys! I will pst back with the results. We are right at 620 mid for a mortgage and hoping to get to the 640 mark. I'll post back with what the effects on my score sometime next month!