topic Re: SW alert: 16 point increase in Understanding FICO® Scoring

SW alert: 16 point increase

Anonymous — Sun, 09 Nov 2008 20:25:15 GMT

I hope my scores will serve to inspire others to keep paying down their CC debt. I have found that decreasing my overall UTIL has been the single most effective way of increasing my scores. After getting denied for a CLI from Capital 1, I decided to focus my attention on paying down my CC debt rather than seeking CLI on my other cards. There were no other areas I could improve upon because I have a good mix of credit, lengthy credit history, excellent payment history(no lates, charge-offs, repos, judgements), and only 1 inquiry from February 2008. It was my only way out! I know it is hard but please do not give up! Keep lowering those UTIL and you can meet your FICO goals! My goal is to have a 760+ so I still have alot of work to do. Thanks to all of you who have shared your financial words of wisdom and encouragement when I needed it most.

11/8/2008 721 Score Watch® alert: Your score exceeded your target of 705.

10/15/2008 705 Score Watch® alert: Your score has gone up.

9/20/2008 700 Score Watch® alert: Possible lower rate on a new HLOAN .

9/13/2008 662 Score Watch® alert: Possible lower rate on a new HLOAN .

9/8/2008 653 Score Power report: Your score is 653.

Re: SW alert: 16 point increase

Anonymous — Sun, 09 Nov 2008 20:43:47 GMT

YAY Tonnie!

I too have been working on paying down my debt.

My overall utility isn't too high right now.. Im at about 16%

but independant to the effect it is having on my FICO score... it just feels good to not have that debt hanging around!

Congrats!

Re: SW alert: 16 point increase

Anonymous — Sun, 09 Nov 2008 23:10:10 GMT

Thanks, AmyBoo!

I totally get what you are saying about not having the debt hanging over your head like the sword of Damocles. Shamefully, my overall utilization was between 92-97% just a few months ago. It is currently 42%-far from where I need to be but a huge improvement. Most people recommend a 1-9%, so you are almost there! I'm so jealous. LOL. Girl, keep up the good work!

Re: SW alert: 16 point increase

GFer — Mon, 10 Nov 2008 00:13:59 GMT

Congrats Tonnie!

Posts like yours serve as inspiration for others who are struggling with this and/or just starting to learn about the in's and out's of credit and just how important it is! Especially so in these times!

Re: SW alert: 16 point increase

Junejer — Mon, 10 Nov 2008 02:37:18 GMT

Wow, 68 points in two months. WTG.

Re: SW alert: 16 point increase

Naturell — Mon, 10 Nov 2008 07:22:03 GMT

This is awesome Tonnie39. Congratulations!!! That's a huge jump in the month of Sept. I didn't even know that was possible.

Re: SW alert: 16 point increase

Anonymous — Mon, 10 Nov 2008 18:48:08 GMT

Thanks GFer, ByrdMan, and Naturell! I am living proof that it is possible to get a huge increase in scores when you address the issues that are hurting your score. SW graded my UTIL as bad; and, it recommended paying down CC balances as a means of increasing my score. I paid off all but 2 of my CC-for a total of $5000.00! I didn't pay off the Best Buy because it is at 0% until 10/09. I wasn't able to pay of the BofA so it still carries a balance (albeit a smaller one). I also had an inquiry that aged to 1 year. It is my understanding that after 1 year, the inquiry no longer hurts your score. After 2 years, the inquiry falls off the CR.

Re: SW alert: 16 point increase

Junejer — Mon, 10 Nov 2008 18:55:32 GMT

Right you are about the INQ. I don't blame you, I wouldn't pay off the Best Buy either. Lose BoA when you can though. Great job.

Re: SW alert: 16 point increase

Anonymous — Tue, 11 Nov 2008 21:34:09 GMT

great job! you inspired me to put an extra $50 towards a cc bill that i just paid.

Re: SW alert: 16 point increase

Anonymous — Wed, 12 Nov 2008 13:35:21 GMT

Thanks, Alexandria and keep working on that balance.

Re: SW alert: 16 point increase

Anonymous — Thu, 13 Nov 2008 04:57:04 GMT

@Anonymous wrote:
Thanks, Alexandria and keep working on that balance.

yep only $210 left on that balance!