what kind of a score bump am I looking at?

[Anonymous]

Hi...

I am new to the forum, but I have been reading and learning for a couple weeks now as a visitor. I like this website a lot, everybody is always willing to help answer any questions!

I am new to repairing my credit so please bear with me.

My current scores are: TU 660 and EQ 655 from myfico.com

I currently have the following:

1 Auto loan 72 months (from Dec 2007) 26,000 at 18.06%APR - current balance is: $22,800ish

1 Kay Jewellers CC $1400 limit balance: $0.00 (Opened December 2007)

1 Macy's Card $100 limit Balance: $0.00 (Opened January 2007)

1 Capital One Card $750 limit Balance: $506.00

1 Wamu (now Chase) card $ 1000 limit. Balance: $876.00

1 AMEX Blue $1000 limit. Balance: $891.00

1 Bank of America Card $4000 limit. Balance: $3650.00

No lates, Derogs or collections

I wanted to know what kind of a score bump am I looking at.

I recently Paid off my Capital One, Wamu and Bank of America Balances and brought them down to zero. I will try paying AMEX in the next 2-3 months.

I am looking to trade in my car (SUV) for a hybrid Nissan Altima in late April/ May 2009.

Message Edited by Credit_repair on 03-27-2009 11:38 AM

[Anonymous]

From maxed out on multiple cards with overall utilization of 71% down to 1 card reporting, and utilization just over 10%, and no derogs, I'd say you'll gain 50-60 points.

And, I'd bet that you'd get another 10 points or so by getting that Amex down to less than 10%.

Good luck! I think you'll end up well into the 700s.

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@Anonymous wrote:

Hi...

I am new to the forum, but I have been reading and learning for a couple weeks now as a visitor. I like this website a lot, everybody is always willing to help answer any questions!

I am new to repairing my credit so please bear with me.

My current scores are: TU 660 and EQ 655 from myfico.com

I currently have the following:

1 Auto loan 72 months (from Dec 2007) 26,000 at 18.06%APR - current balance is: $22,800ish

1 Kay Jewellers CC $1400 limit balance: $0.00 (Opened December 2007)

1 Macy's Card $100 limit Balance: $0.00 (Opened January 2007)

1 Capital One Card $750 limit Balance: $506.00

1 Wamu (now Chase) card $ 1000 limit. Balance: $876.00

1 AMEX Blue $1000 limit. Balance: $891.00

1 Bank of America Card $4000 limit. Balance: $3650.00

No lates, Derogs or collections

I wanted to know what kind of a score bump am I looking at.

I recently Paid off my Capital One, Wamu and Bank of America Balances and brought them down to zero. I will try paying AMEX in the next 2-3 months.

I am looking to trade in my car (SUV) for a hybrid Nissan Altima in late April/ May 2009.

Message Edited by Credit_repair on 03-27-2009 11:38 AM

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[Anonymous]

Credit,

Great move with the credit cards, I too think you should net near 50 points.

One thing to watch is the auto trade in. You might be upside down on your loan so you might owe money. If you have the cash and want to do it anyway then more power to you, just something to be aware of.

Welcome to the boards!

[Anonymous]

thank you both for your feedback....