I will be applying for a mortgage in the next month. Right now I have 2 cards. 1 has a 250 limit, with 200 on it, the other has a 250 limit, which has 100. If I pay these off, will it help my score? My fico's are low, 612-619.
You'll get some FICO love for paying the balances down below 10%. Your util isn't high, but it could be lower. I'd say you'll get around 30 points...give or take.
do you get some points for lower UT or only if UT is below 10? What I mean is if you are paying your balances down, does your score slowly increase as they go down, or do the scores just go up as you cross the 10 percent threshold?
turboturtle wrote: do you get some points for lower UT or only if UT is below 10? What I mean is if you are paying your balances down, does your score slowly increase as they go down, or do the scores just go up as you cross the 10 percent threshold?
Generally, scores increase as they cross thresholds all along the way, which seem to be at 9%, 19%, 29%, etc.
So you probably won't get any points for going from 24% util to 22%, for example, but you would get points for going from 21% to 19%.
