Reply
New Visitor
bad_credit
Posts: 1
Registered: ‎07-28-2007
0

good or bad or progressing?

Last year at this time I checked my FICO score on Score Watch before canceling the service, and it was 510. Today I checked it and it is 570.
 
Keep in mind that I filed BK in Dec '03. Is that steady progress?
 
Additionally, I have three CC and a car loan (since the BK).
 
Card 1 limit 500
Card 2 limit 300
Card 3 limit 300
 
Of course, cards two and three are almost maxed due to an unexpected death of a family member where I paid 500 dollars to assist the family with expenses. If I were to pay these off, could my score increase? I am expecting an increment check from where I work next month that would pay these in full. If I paid these in full, could I eventually see this score raise?
 
Thanks for any assistance.
Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
0

Re: good or bad or progressing?

[ Edited ]


bad_credit wrote:
Last year at this time I checked my FICO score on Score Watch before canceling the service, and it was 510. Today I checked it and it is 570.
 
Keep in mind that I filed BK in Dec '03. Is that steady progress?
 
Additionally, I have three CC and a car loan (since the BK).
 
Card 1 limit 500
Card 2 limit 300
Card 3 limit 300
 
Of course, cards two and three are almost maxed due to an unexpected death of a family member where I paid 500 dollars to assist the family with expenses. If I were to pay these off, could my score increase? I am expecting an increment check from where I work next month that would pay these in full. If I paid these in full, could I eventually see this score raise?
 
Thanks for any assistance.


60 points very good! High utilization on CCs (credit cards) is one sure fire way to tank your scores. Util% is calculated like this: Card 1 CL 500, balance 300 = util of 60% and this is bad! If you can pay all of your CCs to < 50% util you will see some improvement, <30% util even better, 1-9% ideal, max FICO points. PIF doesn't necessarily hurt your scores but having all your CCs reporting 1-9% util is just better. After you pay down your CCs it might take 30-45 days before the credit bureaus report it. This is a good read, lots of useful info on this topic as well as other credit scoring topics.
 


Message Edited by fused111 on 07-28-2007 01:31 PM
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1


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
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}