FICO of 637..help me simulate future increase.[ Edited ]
09-20-2012 12:43 PM - edited 09-20-2012 12:47 PM
I am currently looking at a EQ FICO of 637. I have 4 former negative accounts (student loans that fell into default out of college (private student loans); however, those are now all showing "paid in full and the account closed." These were paid in full by 2010.
I am attempting to do a good faith letters to have those removed.
I have an average account age of 8 years, with a utilization of 60%..that should be down to under 10% by March.
That will leave only a car loan, mortgage and my govermental student loans (in good standing) remaining on the account. The mortgage has 105,000 left, the car loan has 11,412 remaining and the student loans are down to 21,000. If I go to zero balances on my CC's, that would leave me with 4 credit cards with balances of $5,000, $2,000, $1800, $1400.
IF the good faith letters succeed and I reduce my utilization to below 9%, how much of an increase should I see.
I have recently reduced my utilization from 91% to the 60% (over a three month time frame) and my FICO EQ score has already raised 60 points.
Thanks in advance.