09-30-2012 12:12 PM
So I'm expecting a pretty decent bonus in November, in which most will be used to pay off/down debt. Currently my debt-to-income ratio is about 71%. I'm looking to get it around 35% after paying off some loans and CCs. Haven't been late on ANY payments in over 5 years. What kind of score increase do you think I can expect? Not looking to buy anything...yet, but I am trying to qualify for a better int. rate on my car, currently 7%. Thanks.
09-30-2012 04:48 PM
09-30-2012 06:36 PM
I could easily imagine 50-100 points. It all depends on the rest of your specifics, and even then of course we can't be sure. I don't know about FICO, but in the world of Experian, credit cards are considered maxed-out when you have spent 90% or more of the credit limit, so that would work nicely in your favor.
09-30-2012 06:42 PM
I'd say you woIll see a decent bump in your score. 9% or less is optimal but you will still see an increase.
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