seven freakin' points???

[Anonymous]

I got a judgement removed (it was vacated) and paid down revolving balances from 98% util to 83% util...and only got a 7 point EQ improvement??

Went from 590 to 597.  Big whoop. 

TU stayed THE SAME at 578...  Does it take a while for the FICO score to be "recalculated?" 

Is that normal?  Now I feel like I wasted $30 on new reports that could have gone towards paying down more revolving debt or something.  I expected a bit more improvement than that getting rid of a judgement and paying down my util 15%.

Message Edited by Joe77 on 08-21-2007 07:02 AM

[Anonymous]

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Joe77 wrote:

I got a judgement removed (it was vacated) and paid down revolving balances from 98% util to 83% util...and only got a 7 point EQ improvement??

Went from 590 to 597.  Big whoop. 

TU stayed THE SAME at 578...  Does it take a while for the FICO score to be "recalculated?" 

Is that normal?  Now I feel like I wasted $30 on new reports that could have gone towards paying down more revolving debt or something.  I expected a bit more improvement than that getting rid of a judgement and paying down my util 15%.

Message Edited by Joe77 on 08-21-2007 07:02 AM

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How old was the judgement?  Are you sure that it has been removed from the reports?  Paying for 98 - 83% probably won't boost your scores significantly.  Your cards are still highly utilized. You'll see more of a boost at the 30-35% utilization point.

Message Edited by Brammy on 08-21-2007 12:19 PM

[Anonymous]

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Brammy wrote:

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Joe77 wrote:

I got a judgement removed (it was vacated) and paid down revolving balances from 98% util to 83% util...and only got a 7 point EQ improvement??

Went from 590 to 597.  Big whoop. 

TU stayed THE SAME at 578...  Does it take a while for the FICO score to be "recalculated?" 

Is that normal?  Now I feel like I wasted $30 on new reports that could have gone towards paying down more revolving debt or something.  I expected a bit more improvement than that getting rid of a judgement and paying down my util 15%.

Message Edited by Joe77 on 08-21-2007 07:02 AM

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How old was the judgement?  Are you sure that it has been removed from the reports?  Paying for 98 - 83% probably won't boost your scores significantly.  Your cards are still highly utilized. You'll see more of a boost at the 30-35% utilization point.

Message Edited by Brammy on 08-21-2007 12:19 PM

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Yes - it's gone.  I repulled EQ and TU, and also got something in the mail from both bureaus saying the judgement was deleted.  It was from December 2005.

I had a Chapter 7 bankruptcy in Oct. 05 that was discharged Feb 06.  All my included accounts are correctly indicated as included in BK.  I have 7 new credit cards and 2 student loans (deferred installment) since then.  Can't seem to break that 600 barrier, and I've seen other people at my same place out of BK in the 620's already.  I'd bet paying off my CC's to 1% - 9% and having only one or two cards with balances would be the best thing I can do in the short-term.

Message Edited by Joe77 on 08-21-2007 09:39 AM

[Tuscani]

Don't fret. The important thing is it's gone.

[Anonymous]

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Tuscani wrote:

Don't fret. The important thing is it's gone.

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I guess I don't understand how clients of mine as far out of BK as I am are in the 650's and I'm hovering just under 600. 

I know paying down my util will help, but how much, really?  The number one "reason" on both reports I pulled as well as the Experian from last month was "public records" and even with one instead of two (just the BK, judgement is gone) it's still the number one reason.

[Anonymous]

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Joe77 wrote:

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Tuscani wrote:

Don't fret. The important thing is it's gone.

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I guess I don't understand how clients of mine as far out of BK as I am are in the 650's and I'm hovering just under 600. 

I know paying down my util will help, but how much, really?  The number one "reason" on both reports I pulled as well as the Experian from last month was "public records" and even with one instead of two (just the BK, judgement is gone) it's still the number one reason.

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You would be surprised how much paying down balances can help.  Just ask LadyFico.