What can I expect?

[joymonica79]

So, I've been a member since early Dec 2010 and I've seen my score jump 40pts in 60 days due to GW letters, PFDs and new credit.

I applied for and was approved for 2 Orchard Bank cards, both with $300 CLs/$50 Bals, Old Navy $200CL/$0 Bal , Macy's $200 CL/$20 Bal and just today Cap One No Hassle $500CL.  I already have a Chase Visa $4000CL/$2800 Bal & an Aspire Visa $1000 CL/$600 Bal.

As of today, I made a $1500 payment on my Chase to bring it down to $1300 and I will soon pay the Aspire off (both accts are closed at my requests months ago).

Should I see a significant increase in score b/c of the bal decreases on Chase & Aspire?  No lates or issues with any of my cards.  I have deferred student loans and a auto repo due to "fall off" in Aug 2011.

Tell me your thoughts.  My current scores are in my signature.

[smc733]

That will definitely help, but I would ease up with the applying for a bit and let your AAoA rise.

[vish1]

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@joymonica79 wrote:

So, I've been a member since early Dec 2010 and I've seen my score jump 40pts in 60 days due to GW letters, PFDs and new credit.

I applied for and was approved for 2 Orchard Bank cards, both with $300 CLs/$50 Bals, Old Navy $200CL/$0 Bal , Macy's $200 CL/$20 Bal and just today Cap One No Hassle $500CL.  I already have a Chase Visa $4000CL/$2800 Bal & an Aspire Visa $1000 CL/$600 Bal.

As of today, I made a $1500 payment on my Chase to bring it down to $1300 and I will soon pay the Aspire off (both accts are closed at my requests months ago).

Should I see a significant increase in score b/c of the bal decreases on Chase & Aspire?  No lates or issues with any of my cards.  I have deferred student loans and a auto repo due to "fall off" in Aug 2011.

Tell me your thoughts.  My current scores are in my signature.

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I am curious, why did you close your chase visa?

[Anonymous]

+1 Why close an account with a balance?  That doesn't look good (in my opinion.)

[Anonymous]

Are you asking for predictions for your FAKOs? 

[joymonica79]

I will definitely stop applying at this point. Didn't feel much of a score hit from the inquiries, but I know it doesn't look good.

I closed both cards before I began to educate myself on the matter and then realized that it was a bad move. However, I closed them becuz I was just swiping all the time and paying the minimums and it got out of control. (It was a self discipline move) I know better now, so I keep my current cards at about 15% utility for the sole purpose of boosting my scores.

[Anonymous]

Hi joymonica,

Congrats on your paydowns!

It looks like your primary interest is in knowing if your FICO scores will improve with the reduction in utilization on your cards.

Do I have this right?

If so, the recommended course is to pull a FICO (you can get them here) so that you can see what your current FICO score is and then monitor change.

FAKO scores vary greatly from FICO scores - they can be much or a little higher; or much or a little lower; or unpredictably similar.

When you FAKO  moves up - your FICO can move down, stay the same or move up.

When your FAKO moves down - your FICO can move up, stay the same or move down.

When you FAKO changes a lot - your FICO can stay the same, change a little, or change a lot.

And when your FAKO doesn't change - your FICO can move up or down, or stay the same.

There is no correlation between FAKO scores and FICO scores.  They are built on different algorithms.

To monitor real change and progress in your FICO scores, pull one here.  If you'd like, google "myFICO discount codes" first to save a little cash.  When I'm working on my scores, I primarily monitor my Equifax because very few folks pull TU in my area.  Experian is not available to consumers except through a lender pull (if they share the info with you) or PSECU Credit Union.

You could already be in the 700 club and not know it!  But whenever you arrive at 700, you will only know you have arrived if you see a true FICO score.  A FAKO 700 is a different beasty entirely

Best wishes and congratulations on your hard work!.

[joymonica79]

Thanks beamMEup,

I am a member and have score watch. I have both my TU and EQ from MyFico. Cap1 actually gave me my EX fico score.  So at this point, I am just waiting on this months cycle of cards and payments to report and I should see a change. I typically pay on my cards before the statement date for this particular purpose. he score simulator shows that I should receive 10-40pt increase from paying down that chase card. So, we'll see. I will definitely give an update when/if anything does change.

[Anonymous]

BTW, for ideal scoring, you'll want to be reporting a balance on less than half of your cards and to have any reported balances be less than 9% on that individual card.

[Anonymous]

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@joymonica79 wrote:

Thanks beamMEup,

I am a member and have score watch. I have both my TU and EQ from MyFico. Cap1 actually gave me my EX fico score.  So at this point, I am just waiting on this months cycle of cards and payments to report and I should see a change. I typically pay on my cards before the statement date for this particular purpose. he score simulator shows that I should receive 10-40pt increase from paying down that chase card. So, we'll see. I will definitely give an update when/if anything does change.

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Oh, great!  So just your EX is FAKO.  I couldn't tell which was real FICO from your Siggy.  Way to go girl!

I don't know why folks post FAKO's on here - it can be so confusing for newbies (and for oldbies who can't tell which is what in your siggy).  Keep the FICO's going - and we'll all be anxious to see what your FICO score impact is as you continue moving forward!

Congrats again!