topic Re: Fico score increase estimate in Understanding FICO® Scoring

Fico score increase estimate

sleauxmeaux — Fri, 23 Aug 2013 03:12:31 GMT

I lowered my utilization from 79% to 4% and experian went up 23 points and Equifax went up 27. If I lower it to like 1% do you think it will go up much?

Re: Fico score increase estimate

Anonymous — Fri, 23 Aug 2013 12:36:28 GMT

How many cards have balances? What is the individual utilization on each revolving account? That makes a difference as well.

Re: Fico score increase estimate

sleauxmeaux — Fri, 23 Aug 2013 15:05:44 GMT

3 cards...

0/275

7/300

49/750

56 / 1325 for a utilization of 4%

What do you think If i paid off another completely to $0 then left one open with around $10? Do you think my score would go up or stay about the same? That would put it just under 1%.

Re: Fico score increase estimate

Anonymous — Fri, 23 Aug 2013 15:09:42 GMT

Possibly, everything I read here is saying that have all but one account at $0, with utilization on one card below 9%.

Re: Fico score increase estimate

Shogun — Fri, 23 Aug 2013 16:11:19 GMT

@Anonymous wrote:
Possibly, everything I read here is saying that have all but one account at $0, with utilization on one card below 9%.

I like this answer. Personaly, through trials and tribulations, my sweetspot is 4%.

Re: Fico score increase estimate

sleauxmeaux — Fri, 23 Aug 2013 19:32:36 GMT

Thanks a bunch! I think I will give it a try $0 on two and somewhere around $10 on the card with 750 limit.

I don't have many open lines of credit... Just those 3 cards and 2 installment loans (car and furniture).

I do have a ton of OLD (late 2006-early 2007) dings. Collections and Charge-Offs. When I was on my feet enough to catch up, I received advice to NOT touch them because it would make them current again and alter my "fall off date"... I sure wish I would have come on this forum back then because there is no doubt I would have made different choices.

You live.... You learn.

On Aug 5th, my scores were pulled by a lender (mortgage). Equifax 610 and Experian 616 .... A little less than 3 weeks and now my Equifax shows 637 and my Experian shows 631 from myfico. It's getting there... but since I'm in the beginning stages of aquiring the RD loan and building a new home, my broker told me not to dispute items because he didn't want it to hurt my chances. They prequalified / preapproved me... letter given. BUT I need to make sure my middle score gets above 640 and stays there by the time this house is finished. That is somewhere around the end of the year. There will be a couple of old items that will fall off and I know the average age may change...but I'm still hoping for the best!

Any tips on increasing my score without causing any type of harm?