Understanding FICO® Scoring

[thotgal320]

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? 

[Sylviatob]

OMG! Merry Christmas thotgal! LOL

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!

[thotgal320]

I would do almost anything to be at 681 at least now I know there is hope.  Thanks sylviatob

[masdeocho]

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?)

[thotgal320]

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. 

[haulingthescoreup]

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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.

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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?

[thotgal320]

$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.