topic Re: If you could guess. in Understanding FICO® Scoring

If you could guess.

housejunkie81 — Fri, 21 Sep 2018 01:25:24 GMT

So I have about 10 credit cards 6 being maxed out the other 4 with an average untilization of 70%. Well I just paid them all off with some extra cash I came by so now I have a 2% utilization. What do you think my score of 635 will go up to?

Re: If you could guess.

SouthJamaica — Fri, 21 Sep 2018 01:38:34 GMT

@housejunkie81 wrote:
So I have about 10 credit cards 6 being maxed out the other 4 with an average untilization of 70%. Well I just paid them all off with some extra cash I came by so now I have a 2% utilization. What do you think my score of 635 will go up to?

A lot. Certainly over 700, assuming no negatives.

Re: If you could guess.

housejunkie81 — Fri, 21 Sep 2018 01:42:43 GMT

Yes no negatives and before I ran such high balances I was a 710

Re: If you could guess.

Anonymous — Fri, 21 Sep 2018 02:16:37 GMT

636

Re: If you could guess.

SouthJamaica — Fri, 21 Sep 2018 02:47:42 GMT

@housejunkie81 wrote:
Yes no negatives and before I ran such high balances I was a 710

Then I guess 720 average.

Re: If you could guess.

Anonymous — Fri, 21 Sep 2018 07:42:42 GMT

Where are you getting your 635 score from?

If it's a FICO 8 score, it will go up considerably. While you didn't quantify it exactly, it sounds like your overall utilization is probably in the 80%-90% range. Is that correct?

If that's the case, I'd guess that you stand to gain 80 points or so on your FICO 8 score. If you're at > 90% utilization, the paydown to 2% would probably result in you coming in at closer to a 100 point gain.

Nice work and congratulations on the paydown, BTW. That's a great accomplishment.