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Understanding FICO® Scoring

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Frequent Contributor
thotgal320
Posts: 295
Registered: ‎08-14-2007
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Will it help any?
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‎02-12-2008 10:17 AM

Well my goal this year with my refund was to bring my balances down on all (10) CC like the forum would suggest.  I was on my way to work and wonder if I had money on a credit card that I recieve child support payments on and to my suprise my ex-husband deposited $12,000 into the account (sure he was forced to) but with that money I paid off all my daughters CC and med bills she had.  My question is I paid off all but 2 of mine, but put a good amount on them will that help a lot? A little? Not at all? 
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Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007
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Re: Will it help any?
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‎02-12-2008 10:58 AM

OMG! Merry Christmas thotgal! LOL Smiley Happy

Yes, yes yes! The more you put toward reducing your cc debt the quicker you will see a score jump.

I went from 521 on TU in Feb. 2007, to 681 by July, 2007 for doing just that!

Good luck to you! Smiley Happy
"Never ever, ever be late. Never" (FUTR)
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Frequent Contributor
thotgal320
Posts: 295
Registered: ‎08-14-2007
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Re: Will it help any?
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‎02-12-2008 01:17 PM

I would do almost anything to be at 681 at least now I know there is hope.  Thanks sylviatob
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Moderator Emeritus
masdeocho
Posts: 2,050
Registered: ‎04-17-2007
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Re: Will it help any?
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‎02-12-2008 02:29 PM

Wow, that is great!  It must feel wonderful to pay down so much debt.
 
What is the credit limit on each card, and what is the balance?  (In FICO-speak, what's your util?)
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
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Frequent Contributor
thotgal320
Posts: 295
Registered: ‎08-14-2007
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Re: Will it help any?
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‎02-12-2008 04:39 PM

It does I think I am on my way.  Balances range from $500 to $1500 and the 2 left were $1300 now $800 and$1500 now $900. 
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Moderator Emerita
haulingthescoreup
Posts: 28,095
Registered: ‎04-01-2007
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Re: Will it help any?
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‎02-12-2008 04:49 PM


thotgal320 wrote:
It does I think I am on my way. Balances range from $500 to $1500 and the 2 left were $1300 now $800 and$1500 now $900.


So you PIF'd everything but the last two, which now have $800 and $900 balances? Having only 2 of 5 cards reporting balances is bound to help your scores!

What are the credit limits on those last two cards?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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thotgal320
Posts: 295
Registered: ‎08-14-2007
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‎02-12-2008 05:48 PM

$1300 and $1500.  How long will it take before I will see in increase?  I also have a few things that should be fallen off within the next couple of months starting in April im hoping that will help as well.  I sent out a DV letter and haven't heard anything it's been 3 weeks  soon time for me to demand deletion hoping that will be something else in my favor.  Trying to folloew as much advice as I get from the forums thanks guy's.
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