Established Member
martha75
Posts: 33
Registered: ‎07-30-2012
*****QUESTION*****From 31% utilization to 5%
[ Edited ]

Ok, so i am SOOOOOOOOOO on the border of being approved for my mortgage. My credit utilization was 31% I paid it off to 5% and my loan officer is able to do a "rapid rescore"  My credit score is a 616 and I have 2 cc's. One has a 1250 limit and showed a balance of $468 and I have paid it down to $19. My other card has a limit of $350 and a balance of $16.  These are the only credit cards that I have.  The only other thing on my report that is open is 2 installment loans.  A car that I owe $24k and a student loan for 4k. Both of which I am making regular payments on.  So any thoughts on how much my score will raise??

 


Starting Score: 517
Current Score: 638
Goal Score: 700


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Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Re: *****QUESTION*****From 31% utilization to 5%

If util is listed as a top negative item on your FICO report, and if nothing else factors into util like a CC CO, HELOC, LOC, etc., then there's a chance of 20-30 or so I bet, maybe a little more. You might eeck out a few more points by getting one balance to report $0.

Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012
Re: *****QUESTION*****From 31% utilization to 5%

Utilization was listed third on my report behind serious delinquency and number of accounts with a negative indicator (or something). I went from a 566to a 631 by paying down utilization from over 100% to 2%! 

Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Valued Contributor
Epcot
Posts: 2,784
Registered: ‎10-10-2012
Re: *****QUESTION*****From 31% utilization to 5%
That's a great increase, Congrats!

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 809 EX 774 TU 805
App free since 4/11/13
Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012
Re: *****QUESTION*****From 31% utilization to 5%

@Epcot, thanks! To the OP, the score simulator was always pretty accurate for me,if you are a SW member or recently purchased a report from here.

Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.