Very Worried!! Will this work!!!??

Anonymous · ‎03-16-2009

My credit scores are 708 (TU), 685 (EQ) and 677 (EX). I need a middle score of 700 to qualify for a mortgage loan.

I have one late payment appearing in 11/2004. Since then the card has been paid off. I have never made a late payment since.

I have 2 revolving credit cards:

One with a $1,680 balance and $5000 limit

One with a $14,818 balance with a $20,000 limit

I paid down the credit card with the $14,818 balance to $5500 bringing my Util down from about 87% to 37%. Do you think this could give me a 15 point increase on my FICO score?

LisaJ · ‎03-16-2009

It worked wonders for me, paying down balances, but honestly, it is so individual that I don't think anyone can say for certain. It may be worth a try, through.

I have jumped a lot of points in a few months, but I changed my credit mix, and the new mortgage had a lot to do with it, too, giving me my biggest jump. Card-wise, I paid down $2500 worth...score jumped about 9 points at that time, and I added a couple of new accounts to raise my util.

Edited to add: Have you considered FHA? You may want to ask this in the mortgage forum if you haven't already; the gurus over there are filled with great info and got me through my loan nightmare!

Message Edited by LisaJ on 03-16-2009 09:13 AM

WOW! EQ when I joined myFICO: 657. Ups and downs and a few bumps and bruises, but finally back over 700. Whew!

ralbusta · ‎03-16-2009

I've heard estimates of 10 pts per 10% util dropped. The change in my scores in my sig from dec to now is from a drop in util from 80+% to 1%. I've also heard that if you get it under 30% you can get a good boost. I think you should have 15 pts for sure by what you've done already!

Anonymous · ‎03-16-2009

This is a duplicate posting that has been posted on a few different forums.

I am locking this thread and all off the duplicates, except for 1.

Please see http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=34796

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