topic Re: quick question... in Credit Cards

quick question...

Anonymous — Thu, 19 Jun 2008 22:37:51 GMT

Hello. Hopefully someone can answer this....ok. my mid score is 590. I recently paid two credit cards down to 50% uti that were almost maxed. Could this bump me up to 620? If not, what uti would put me there? Thanks.

Re: quick question...

Anonymous — Thu, 19 Jun 2008 22:39:44 GMT

i would say probably will raise your score but if you can get it to 29 % it would help even more i am under the impression that the util percentages brackets are 50% 30% and if you can 10%...

Re: quick question...

Anonymous — Thu, 19 Jun 2008 22:41:52 GMT

Utilization thresholds seem to be about every 10%, but you want your reported utilization to be under those amounts.

Since you paid it down to 50% already, see if you can get it to 49% for a few more points. Then 39%. Then 29%. Etc, etc.

To answer your question, though, yes I think the paydown you did will get you at least the number of points you are looking for.

Re: quick question...

Anonymous — Thu, 19 Jun 2008 22:43:40 GMT

Yeah i think it will be pretty close keep us updated and let us know ok....

Re: quick question...

unknown_entity — Thu, 19 Jun 2008 22:49:40 GMT

I will attest to that! Paying down your debt is the best and quickest way to raise your score.

Re: quick question...

Anonymous — Thu, 19 Jun 2008 23:54:58 GMT

I want to thank you all for your input. Now knowing that it will definitely increase my score, my next question is to when i should pull that report again to see the effect? it is tu. i paid them down last friday (06/13). should i wait until the beginning of next mth, or go ahead & pull it? all input is greatly appreciated...and yes, as soon as i see what the effect is, i will for sure post it....thanks again...

Re: quick question...

Anonymous — Fri, 20 Jun 2008 01:15:05 GMT

propertyvirgin wrote:

I want to thank you all for your input. Now knowing that it will definitely increase my score, my next question is to when i should pull that report again to see the effect? it is tu. i paid them down last friday (06/13). should i wait until the beginning of next mth, or go ahead & pull it? all input is greatly appreciated...and yes, as soon as i see what the effect is, i will for sure post it....thanks again...

No, don't pull it yet. Even the beginning of next month may be too soon.

First, the card needs to report to the CRAs, which will most likely happen on the statement date. That could be up to a month away. Then, even after that happens, the CRAs need to update your reports, which could take another ten days or so.

Do you know when your cards' statement dates are?

Message Edited by cheddar on 06-19-2008 06:15 PM

Re: quick question...

Anonymous — Fri, 20 Jun 2008 01:20:35 GMT

I would pull it 1month after you paid it off...if i were in your position anyway maybe not all of it has updated by then but at least something will have changed also in the meantime try to work on getting one of them under 30 percent

Re: quick question...

Anonymous — Fri, 20 Jun 2008 02:09:36 GMT

I haven't looked @ my statement dates...need to get on that. anyway, thanks again for your input. ...probably won't pull it until end of july...we're gonna try to pay them down a little more too...we'll see what happens.........

Re: quick question...

Anonymous — Fri, 20 Jun 2008 03:17:07 GMT

yeah i would pull it 4-6 weeks after you started paying down stuff you should see an update on most of it then...