topic Hoping for a score boost in Credit Cards

Hoping for a score boost

JWatson0405 — Fri, 28 Dec 2012 20:44:53 GMT

I posted this in Rebuilding section too,but didn't know how to move it to this section.

I'm just getting ready to begin the pre-approval process for a mortgage. I have had high utilization on a few of my CC's

5500/6000, 2550/3000, 1780/2000, but this month paid them down to 2900/6000, 1400/3000, 800/2000. With these high balances posting to my reports (the 5500/6000 was considered maxed out), I came back with a 660 mid score. I do have a 30 day late on a car loan from 1.5 years ago (that has since been paid off), but other than that, no negatives. I'm just wondering if I can expect a nice score jump from getting my utilization down under 50% on all cards (and I'm at about 40% of total revolving debt). I know it would be higher with lower uti, but this is where I am.

Any insight would be appreciated.

Re: Hoping for a score boost

atarvuzdar — Fri, 28 Dec 2012 20:53:31 GMT

With those numbers you're going from 89-90% util to under 50%. You'll see a healthy bump in your scores as a result. Congratulations (in advance) for the score boost, and you should definitely pat yourself on the back for paying off so much debt!

Good luck!

Re: Hoping for a score boost

JWatson0405 — Fri, 28 Dec 2012 21:04:35 GMT

That's great news. Thanks!

Re: Hoping for a score boost

Epcot — Sat, 29 Dec 2012 00:33:59 GMT

I brought my util down from 80% to just under 30% and saw an increase of about 60 points. Of course there are other factors that will determine your increase, but you should see a nice boost!