topic Re: FICO 9 score increase from 584 to 650? in Understanding FICO® Scoring

FICO 9 score increase from 584 to 650?

honeybear123_ — Wed, 27 Nov 2024 00:17:21 GMT

Hi! My FICO 9 score is currently at 584. I had some financial hardships and had a credit card go 120+ late and then eventually charge off.

This credit card is reporting 127% utilization. I just paid it off in a full a couple weeks ago.

I also had a loan charge off for $2270 and paid that in full as well a couple weeks ago.

As for my other credit history, I have student loans and a car loan with all on time payments and in good standing.

Is it likely that I can see a 66 point increase from lowering that 127% utilization and paying off that loan that went into collections? I need a minimum of 650 FICO 9 to be approved for a loan so I'm really hoping paying those off will help my score!

Re: FICO 9 score increase from 584 to 650?

FicoMike0 — Wed, 27 Nov 2024 01:31:43 GMT

Roflol. Although it doesn't sound like you do well with credit, I wouldn't be surprised if you got +66 points. 127% utilization is certainly killing your score. I hope things go better this time.

Re: FICO 9 score increase from 584 to 650?

honeybear123_ — Wed, 27 Nov 2024 01:45:06 GMT

yeah i definitely didn't do well with credit, i acknowledge that for sure. just hoping i can fix it in time to qualify for this loan. from my understanding FICO 9 uses 30% of the score as credit utilization and ignores paid collections so both of those things should result in a decent increase? the loan im applying for is a flight school program with one of the major airlines so i'll definitely be in a much better financial situation once i'm done with training.

Re: FICO 9 score increase from 584 to 650?

SouthJamaica — Wed, 27 Nov 2024 04:39:31 GMT

@honeybear123_ wrote:
Hi! My FICO 9 score is currently at 584. I had some financial hardships and had a credit card go 120+ late and then eventually charge off.

This credit card is reporting 127% utilization. I just paid it off in a full a couple weeks ago.

I also had a loan charge off for $2270 and paid that in full as well a couple weeks ago.

As for my other credit history, I have student loans and a car loan with all on time payments and in good standing.

Is it likely that I can see a 66 point increase from lowering that 127% utilization and paying off that loan that went into collections? I need a minimum of 650 FICO 9 to be approved for a loan so I'm really hoping paying those off will help my score!

It's hard to quantify. But you should certainly see a nice increase.

Re: FICO 9 score increase from 584 to 650?

Thomas_Thumb — Fri, 29 Nov 2024 22:39:48 GMT

@honeybear123_ wrote:
Hi! My FICO 9 score is currently at 584. I had some financial hardships and had a credit card go 120+ late and then eventually charge off.

This credit card is reporting 127% utilization. I just paid it off in a full a couple weeks ago.

I also had a loan charge off for $2270 and paid that in full as well a couple weeks ago.

As for my other credit history, I have student loans and a car loan with all on time payments and in good standing.

Is it likely that I can see a 66 point increase from lowering that 127% utilization and paying off that loan that went into collections? I need a minimum of 650 FICO 9 to be approved for a loan so I'm really hoping paying those off will help my score!

Nice work! Please report back after the payoffs post and your scores update. I suspect the point boost on Fico 9 will be greater than on Fico 8.