topic POTENTIAL JUMP IN SCORES?! in Understanding FICO® Scoring

POTENTIAL JUMP IN SCORES?!

biglista88 — Sat, 05 Jan 2019 17:50:38 GMT

I’m a couple months into my rebuild and have taken a few actions this far to start getting my credit into shape. Most importantly is the recent action of paying down a closed CLOC that was reporting a $1700 Balance on a $500CL (yikes!). This was causing my overall UTIL% to be 100%.

OPEN TRADELINES:
Skypass secured $300/$72 balance
Citi secured $300/0 balance
Primor Gold secured $1k/0 balance
PenFed auto 13k—>9k balance

CLOSED:
CLOC $500CL/$275 (new) balance

So my previous UTIL was $1600CL/$1772 balance. My new ratio will be $1600CL/$347 balance (22% util).

Any guess on ballpark of score increase ?

Re: POTENTIAL JUMP IN SCORES?!

Anonymous — Sat, 05 Jan 2019 17:55:50 GMT

I’m just spitballing here but your previous utilization was around 90%. You will be dropping it around 5-6 thresholds..good for 10-15 points each. So I’ll guesstimate 50 points.

Re: POTENTIAL JUMP IN SCORES?!

biglista88 — Sat, 05 Jan 2019 18:03:49 GMT

Thanks for your reply! I certainly hope it’s that big of a jump! I’d be very happy with that at 3 months into rebuilding.

Re: POTENTIAL JUMP IN SCORES?!

Anonymous — Sat, 05 Jan 2019 18:16:22 GMT

Watch I bet I’m within 7 points - give or take Come back and let us know. Best wishes. 😊

Re: POTENTIAL JUMP IN SCORES?!

biglista88 — Sun, 03 Feb 2019 15:43:54 GMT

**Update as of 2/3/19**

I ended up applying for New coast direct as well, (very similar to MJC with a 5kCL). Both accounts have reported to TU ( up 22points). Only MJC has reported to EX (up 29 points). EQ hasn’t updated yet with either, (up 9 points).

I’ll give further updates once both accounts have reported to EX and EQ.

Re: POTENTIAL JUMP IN SCORES?!

dynamicvb — Sun, 03 Feb 2019 17:01:55 GMT

If the LOC is closed then the utilization on it is still maxed out. Getting it to 0 will help a lot. You did not mention, but having an installment loan will help with mix too which should be good for some additional points.

what baddies do you have from looking at your scores there must be something holding you back a good deal. Might want to work on trying to get rid of those.

Re: POTENTIAL JUMP IN SCORES?!

biglista88 — Sun, 03 Feb 2019 17:20:53 GMT

To answer your question, yes I have a TON of baddies weighing down my scores for sure. Worst of which are , chapter 7 discharged 3/2016. 2 collections and multiple charge off accounts. Yes it appears that paying off the maxed out closed cards will do the most for my profile. I have been working tirelessly at paying down the debts and getting collections removed, ( 2 paid collections removed so far). I’ve reduced my overall CC debt from 7k—>5k in about two months. I’m still working on it! lol

Re: POTENTIAL JUMP IN SCORES?!

Anonymous — Sun, 03 Feb 2019 17:28:09 GMT

How long after you applied for NCD did it show up on TU? I applied 1/25 just want to know a time frame I should be expecting it.

Re: POTENTIAL JUMP IN SCORES?!

biglista88 — Sun, 03 Feb 2019 17:55:10 GMT

Sure, I applied on 1/20. Showed up quickly on TU today, still waiting on the other two bureaus to update.

Re: POTENTIAL JUMP IN SCORES?!

Anonymous — Sun, 03 Feb 2019 18:04:59 GMT

Ok thats good news to hear since I applied on 1/25. Hoping it hits some time this week. Good luck on your rebuilding journey!

Re: POTENTIAL JUMP IN SCORES?!

CivalV — Sun, 03 Feb 2019 21:28:01 GMT

Based on my experience I paid $2500 in CC debt. My UTL % went from 99% to 77% and that alone boosted my scores 50 points. I can imagine your score will see a very significant increase! Definitely keep us updated!

Re: POTENTIAL JUMP IN SCORES?!

biglista88 — Wed, 06 Feb 2019 20:26:43 GMT

EQ updated today with both accounts, score up 20 points total. 34%UTI