@itzateach wrote:
I am at 100 percent maxed out on all my credit cards. Tuesday, I will be at 0 percent (unless I decide to leave in the 1-9 percent). Am I likely to see 10 points per every 10 percent I was at utilization thus raising my score 100 points? The only other debt showing will be an auto loan at 444 per mo (which i am going to refinance at 333 per month in a few weeks) My scores are at 644, 644, and 625 as of a few weeks ago on fico.com reports. I have no collections, no lates, but 5-6 accounts from bankruptcy either showing derog or settled but those are heading to 6 years old (I begin to lose those and their history in the spring to fall 2009).
Anyone had experience paying off all at once and seeing their scores jump a lot?
I've said "10 pts per 10% util" many a time. It isn't a rule, but a simple guide. I've paid chunks of my CC debt before and notices gains similar to that. But I always add it goes down to the 10% level. If you have 3 or more CCs, with one being a store charge card (for mix), and you drop from 100% to 0%. then I'd guess a 90 point gain (again, down to the 10%). But with that you'd have to make sure you don't have any CC COs that may be included into your utilization now.
If all of your CCs report down to 9% or less, post back. I'd like to know your gain.
