topic Re: How long before a score jump? in Understanding FICO® Scoring

How long before a score jump?

Anonymous — Mon, 31 Mar 2008 18:26:27 GMT

Greetings, all.

My current mid-score is 797 (EQ). A few days ago, I paid three of my CC balances down from a 50-60% utilization rate down to a 1% utilization rate (a total of $27,000). I have four other cards with zero balances, and a total of $150,000 in available revolving credit. The paid-down CCs are 2 BofA cards and one Amex Business Rebate Card (revolving). How soon can I expect to see an increase in my scores, and by approximately how much? The rest of my credit is spotless, with the exception of a recent inquiry for homeowner's insurance on an investment property. Just hoping to make it into the 800 club soon. Thanks!

Re: How long before a score jump?

jackg — Mon, 31 Mar 2008 19:12:03 GMT

Any impact to your FICO scores will be seen after your Credit Card Co. turns in his monthly report to all 3 CRA's and they then input it into their formula.

Re: How long before a score jump?

MidnightVoice — Mon, 31 Mar 2008 19:17:01 GMT

stick_bug wrote:
Greetings, all.

My current mid-score is 797 (EQ). A few days ago, I paid three of my CC balances down from a 50-60% utilization rate down to a 1% utilization rate (a total of $27,000). I have four other cards with zero balances, and a total of $150,000 in available revolving credit. The paid-down CCs are 2 BofA cards and one Amex Business Rebate Card (revolving). How soon can I expect to see an increase in my scores, and by approximately how much? The rest of my credit is spotless, with the exception of a recent inquiry for homeowner's insurance on an investment property. Just hoping to make it into the 800 club soon. Thanks!

It looks like your average util was less than 20% (27K out of 150K) and will now be less than 10%.

It probably won't be a huge jump, especially at a score of 797

Re: How long before a score jump?

Anonymous — Mon, 31 Mar 2008 19:34:42 GMT

Heck, as long as I get that coveted 3 points, I'll be happy. IAnd I just now paid all three CC balances down further, leaving $100 on each. That should do the trick, no? I have no other balances other than a mortgage and a small car loan ($2300 balance), both of which are always paid on time.

Thanks for all the advice!

Re: How long before a score jump?

Junejer — Mon, 31 Mar 2008 21:31:43 GMT

Stick, I would be surprised if you don't see those points, but the CRAs are going to probably snipe at you a little bit, b/c your scores are so high. For instance, I would be surprised if they aren't telling you too many accounts with balances (esp. TU). Try to keep less than half of your open accounts reporting a balance. Since you only have five open accounts, that will be difficult, with a mtg and IL reporting. Maybe only allow one CC to report a balance. GL