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good or bad or progressing?

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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.
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Re: good or bad or progressing?



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