10-17-2012 07:03 PM - edited 10-17-2012 07:26 PM
Ok, so i am SOOOOOOOOOO on the border of being approved for my mortgage. My credit utilization was 31% I paid it off to 5% and my loan officer is able to do a "rapid rescore" My credit score is a 616 and I have 2 cc's. One has a 1250 limit and showed a balance of $468 and I have paid it down to $19. My other card has a limit of $350 and a balance of $16. These are the only credit cards that I have. The only other thing on my report that is open is 2 installment loans. A car that I owe $24k and a student loan for 4k. Both of which I am making regular payments on. So any thoughts on how much my score will raise??
10-18-2012 08:33 AM
If util is listed as a top negative item on your FICO report, and if nothing else factors into util like a CC CO, HELOC, LOC, etc., then there's a chance of 20-30 or so I bet, maybe a little more. You might eeck out a few more points by getting one balance to report $0.
10-20-2012 06:48 PM
Utilization was listed third on my report behind serious delinquency and number of accounts with a negative indicator (or something). I went from a 566to a 631 by paying down utilization from over 100% to 2%!
10-20-2012 06:55 PM
@Epcot, thanks! To the OP, the score simulator was always pretty accurate for me,if you are a SW member or recently purchased a report from here.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.