credit uti question

[Chezy1025]

I just finished removing my last baddie. My scores are around 600 across all 3. If I was to lower my uti from 97% to 5% and have that 5% on 1 card could that give me a 70 pt increase? I really need 70pts to do a refi

[Chezy1025]

Does anyone know if this is possible? Can lowering my uti raise my credit by at least 65pts?

[ChrisinKC]

I doubt it's going to give you a 65 point increase.  You could check out the FICO simulator, and it will probably lie and indicate that you'll get a 100 points for doing that, but after you spend all of your time and effort reducing your utilization by 92%, your score will probably go up just 64 points - 1 point away from what you need for refinancing.

Then after going up 64 points, you'll be rebucketed and then you'll end up with a score lower than what you had to begin with.

FICO sucks and the whole thing is a scam.

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@Chezy1025 wrote:
Does anyone know if this is possible? Can lowering my uti raise my credit by at least 65pts?

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[jamie123]

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@Chezy1025 wrote:
Does anyone know if this is possible? Can lowering myuti raise my credit by at least65pts?

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We need more information to give you accurate advice.

How many credit cards do you have?

How old is each credit card?

Do you have any other credit, like auto loans or student loans on your report?

Is this the last baddie? Are you sure? No lates or other negative information?

What is the average age of your accounts?

How old is the oldest item on your reports?

Do you mean that can you gain 65 points AFTER the baddie falls off plus reducing UTI? Or 65 points just by lowering UTI?

EDIT: I looked into you history and found what I needed. This is my answer:

You have a lot of new credit! You need to stop apping for new credit for at least 6 months and maybe a year to allow your scores to grow. Adding any additional credit at this point will only drop your scores.

If your report is entirely clean and your UTI is 5% I could see your scores being somewhere in the 665 to 690 range right now. If you don't add anymore new credit until your youngest account is 1 year old your scores should climb into the 700s.

[NRB525]

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@jamie123 wrote:

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@Chezy1025 wrote:
Does anyone know if this is possible? Can lowering myuti raise my credit by at least65pts?

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We need more information to give you accurate advice.

How many credit cards do you have?

How old is each credit card?

Do you have any other credit, like auto loans or student loans on your report?

Is this the last baddie? Are you sure? No lates or other negative information?

What is the average age of your accounts?

How old is the oldest item on your reports?

Do you mean that can you gain 65 points AFTER the baddie falls off plus reducing UTI? Or 65 points just by lowering UTI?

EDIT: I looked into you history and found what I needed. This is my answer:

You have a lot of new credit! You need to stop apping for new credit for at least 6 months and maybe a year to allow your scores to grow. Adding any additional credit at this point will only drop your scores.

If your report is entirely clean and your UTI is 5% I could see your scores being somewhere in the 665 to 690 range right now. If you don't add anymore new credit until your youngest account is 1 year old your scores should climb into the 700s.

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+1

I was wondering how a file could remove "the last baddie" and still be only 600. If apping is out of control, there's the problem.

Only a year with no apps will correct that part of the score drag, from too many HP.

Paying down the balances is necessary, and will also help the score improve.