topic Re: 45 pt jump for getting cc util from 111% to 63% in Understanding FICO® Scoring

45 pt jump for getting cc util from 111% to 63%

Anonymous — Mon, 29 Mar 2010 19:16:30 GMT

I received a 45 point jump on my eq score when two of my credit cards reported the new and improved balances. I am waiting for the other 2 cards to report so it will kill the remainng 63% util%. Any guesses, on how many points will come of this, going from 63-3% util?

Re: 45 pt jump for getting cc util from 111% to 63%

Anonymous — Mon, 29 Mar 2010 22:37:42 GMT

@Anonymous wrote:
I received a 45 point jump on my eq score when two of my credit cards reported the new and improved balances. I am waiting for the other 2 cards to report so it will kill the remainng 63% util%. Any guesses, on how many points will come of this, going from 63-3% util?

That's great! I have no idea how many pts go up, but sure about it there will be significant changes on your new score.

You may want to change your Goal Score to 800.

Re: 45 pt jump for getting cc util from 111% to 63%

Anonymous — Tue, 30 Mar 2010 00:12:25 GMT

Thanks for the reply. I would love to change my goal score to 800, and I may even get there one day but, I am thinking in terms of over the next year or so. I am hoping by the time I go and purchase a house in the next 5 years, that i will be close to 800. I am hoping to get a 40-60 pt raise so that I get to enjoy some lower rates when I go to the credit union and apply for my new auto loan next month(BMW).

Re: 45 pt jump for getting cc util from 111% to 63%

llecs — Tue, 30 Mar 2010 03:07:07 GMT

If I read right, you have 4 CCs. If so, then I bet you'd see a 55-70 point jump if you got 3 to report $0 with the other reporting a balance of under 9%.

Re: 45 pt jump for getting cc util from 111% to 63%

Anonymous — Tue, 30 Mar 2010 21:59:07 GMT

Right llecs, I have 4 cards and 2 of them will report a 0 bal. The other two are old 1st premiers that are about to reach 4-5 years in age and no matter how many times I pay the full bal. they always report a $7.00 bal I hope it is a 55-70 pt jump that would put me right at the score that I need to purchase the car I want @ ok interest rates. When I say ok, the 1st car I bought in 2008 was @ 21% so 6-9% will look great considering what I've been through. Maybe my auto enhanced score will be a tad higher than my traditional score, and that would really influence the approval and the interest rates.

Re: 45 pt jump for getting cc util from 111% to 63%

smallfry — Tue, 30 Mar 2010 22:04:22 GMT

@Anonymous wrote:
@Anonymous llecs, I have 4 cards and 2 of them will report a 0 bal. The other two are old 1st premiers that are about to reach 4-5 years in age and no matter how many times I pay the full bal. they always report a $7.00 bal I hope it is a 55-70 pt jump that would put me right at the score that I need to purchase the car I want @ ok interest rates. When I say ok, the 1st car I bought in 2008 was @ 21% so 6-9% will look great considering what I've been through. Maybe my auto enhanced score will be a tad higher than my traditional score, and that would really influence the approval and the interest rates.

So they charge a 7 dollar monthly fee after the statements cut? You might need to dump one or both of them.

Re: 45 pt jump for getting cc util from 111% to 63%

llecs — Wed, 31 Mar 2010 00:49:04 GMT

@Anonymous wrote:

@Anonymous llecs, I have 4 cards and 2 of them will report a 0 bal. The other two are old 1st premiers that are about to reach 4-5 years in age and no matter how many times I pay the full bal. they always report a $7.00 bal I hope it is a 55-70 pt jump that would put me right at the score that I need to purchase the car I want @ ok interest rates. When I say ok, the 1st car I bought in 2008 was @ 21% so 6-9% will look great considering what I've been through. Maybe my auto enhanced score will be a tad higher than my traditional score, and that would really influence the approval and the interest rates.

I had the same issue with Credit One, before I killed them off. I tried to overpay on their website but that didn't work so I used my bank's billpay service and overpaid via that to force in a $0 balance.

Re: 45 pt jump for getting cc util from 111% to 63%

Anonymous — Wed, 31 Mar 2010 03:32:00 GMT

As soon as my reports and scores are strong enough to dump them then I will, I have had one of the cards for almost three years and no derogs reporting, actually for the last 4 years, I have been derog free, and in just 2 years all of my current derogs will be gone. Yep, everything bad hit my credit report at once, and everything will most likely fall off at once. Thanks guys, I am looking for a pretty decent jump 55-70 ponts would put me at a 652-667 respectively, and maybe my enhanced auto fico will be even higher. I'm keeping my fingers crossed and praying everyday.