Credit Card Utilization

[BSBRose21]

I currently have the following credit scores: Transunion - 590 Experian - 573 Equifax - 578 My Capital One card has a limit of $300, balance was $279. I have no other credit cards. I paid the total down to $79.00. I was told they report the day after the due date which would be the 12th. This brings my total utilization from 93% down to 26%. My first question is how many points do you think I will gain and also from experience how long do you think it will take to show up on my credit report?

[llecs]

I'd guess 20 points, give or take a couple. I bet you'd benefit with the addition of a couple more CCs with one being a charge card.

Edit to answer the reporting....they tend to report within a couple days of your statement being cut. So, if your statement date is the 25th, then I'd guess by the 27th you'll see a lower balance.

Message Edited by llecs on 08-16-2008 10:58 AM

[Anonymous]

I see llecs 20 and I raise it 20 . My guess is 40. Do let us know how it changed if you pull your score. It will help our future guesses.

[smallfry]

You definitely need another card even if you can only manage an Orchard. At least this way you will pick up points by only letting one card report a balance.

[BSBRose21]

I will not be getting another credit card until after we buy our house in the next six months. My mortgage broker said I will only need my middle score to get above a 580 for us to be approved. 620 would be better, but he didn't think it would get that high.