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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. 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.