How BAD is this?

[fishbjc]

Pulled DH's TU score.....no mix.....no mortgage, no car pmt, one loan NFCU

CC at 34% utilization.   I would like to bump him up 25 points.  Will paying the CC down to 10% do the job?  Tnx.

[armbenderc]

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@fishbjc wrote:

Pulled DH's TU score.....no mix.....no mortgage, no car pmt, one loan NFCU

CC at 34% utilization.   I would like to bump him up 25 points.  Will paying the CC down to 10% do the job?  Tnx.

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I think the maximum fico score is right at 1-3% of total util on one card. I believe if you do that, you would definately see close to 25 points... maybe more.

Also, I may be wrong.

[djrez4]

Bump him up 25 points from...?  It really depends on what his score is.  

Paying down utilization on a 720 FICO won't do as much as on a 600.

[Cdnewmanpac]

1. You need context- what is current score, any negatives, etc.

2. How many total cards? If he only has one and he drops util below 10%, he should get a bump. 25 points may be ambitious

3. If he has multiple cards and total util is 34%, then paying all to zero except 1 at less than 10% should give a bigger bump than if just one card.

4. His lack of credit mix may act as a "ceiling" on any bumps. So would only having one card. Ideally, you want at least two cards and at least one installment loan.

[youngandcreditwrthy]

In general, I think util under 10% on all cards is best for fico. But if you have baddies, it may not matter as much.

[Repo-ed]

Are we allowed to pull others credit reports?

[fishbjc]

He has one baddie in the last 24 months...and that was MY fault.  NFCU no less.   No collections, no inquiries, no judgments.  He recovered well from a massive back surgery, after one year of debilitating pain, he couldn't walk, couldn't sit, couldn't stand.....I think we're down from $30,000 owing to $10,000 ish.  We entered into a DMP, but am getting ready to take over from them.  Paid his medicals down from $8200 to $1900.  Because his surgery went into January, we were hit with a new calendar year and had to cough up an additional $3250.   His mom offered to gift us $20k, but we are not loving that idea. 

And yes Repo-ed....we are allowed when we have spousal permission.