I did a consolidation loan last month in an effort to gain control of some old, high interest CC's. Best buy, Sears, etc. I did the consolidation through prosper.com.
I was hoping that with the elimination of these debts, while also putting my utilization down to 9%, that I would see a dramatic score increase. I have some baddies that are over 4 years old, so I figured that my utilization was in large part keeping my scores down.
The result? A meager 10 point score increase. Myfico EQ went from 658 to 668. This included a CC debt reduction of $4,000 and utilization from about 70% down to 9%.
I really don't know what else I can do to increase my scores..............oh well, better up than down. lol
Those baddies will fall off soon. Make sure you don't do any apps and you'll see an increase over a few months
@shasta wrote:I did a consolidation loan last month in an effort to gain control of some old, high interest CC's. Best buy, Sears, etc. I did the consolidation through prosper.com.
I was hoping that with the elimination of these debts, while also putting my utilization down to 9%, that I would see a dramatic score increase. I have some baddies that are over 4 years old, so I figured that my utilization was in large part keeping my scores down.
The result? A meager 10 point score increase. Myfico EQ went from 658 to 668. This included a CC debt reduction of $4,000 and utilization from about 70% down to 9%.
I really don't know what else I can do to increase my scores..............oh well, better up than down. lol
Hey you went from "Not Good" to "Good" on the FICO scale so thats a good thing!!!
