HOW MANY POINTS WOULD I GET???

[Anonymous]

I HAVE RECENTLY BEEN TRYING TO RAISE MY CREDIT SCORE.  MY SCORE IS BETWEEN 500 AND 570 DEPENDING ON WHICH CREDIT AGENCY.  MY CREDIT CARDS ARE PRETTY MUCH MAXED OUT, IF I WERE TO PAY THEM DOWN, HOW MANY POINTS DO YOU THINK THAT WOULD ADD TO MY SCORE???

[Anonymous]

Use the fico score simulator it will show you a range of pssibilities..

[Anonymous]

HOW DO I GET TO THE SIMULATOR, I CANT FIND IT ON THE SITE

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BUNCHES wrote:

I HAVE RECENTLY BEEN TRYING TO RAISE MY CREDIT SCORE.  MY SCORE IS BETWEEN 500 AND 570 DEPENDING ON WHICH CREDIT AGENCY.  MY CREDIT CARDS ARE PRETTY MUCH MAXED OUT, IF I WERE TO PAY THEM DOWN, HOW MANY POINTS DO YOU THINK THAT WOULD ADD TO MY SCORE???

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Hi! High Utilization of CC's tanks your FICO scores. The good news is that it's easy to fix if you have money. Paying down your CCs balances to below 50% of your CL (credit limits) will help some, <30% better,  1-9% max FICO points. There is no telling exactly how many points you will gain with any change on your CRs (credit reports). That said, if you get your util% down to 1-9% you should see a significant increase in your scores. If your serious about repairing your credit, I suggest you purchase all 3 of your FICO scores/reports from this site. The thread below is excellent, I recommend your read it.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

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BUNCHES wrote:

HOW DO I GET TO THE SIMULATOR, I CANT FIND IT ON THE SITE

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P.S. the score simulator is not so accurate!

[Anonymous]

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@Anonymous wrote:

I HAVE RECENTLY BEEN TRYING TO RAISE MY CREDIT SCORE. MY SCORE IS BETWEEN 500 AND 570 DEPENDING ON WHICH CREDIT AGENCY. MY CREDIT CARDS ARE PRETTY MUCH MAXED OUT, IF I WERE TO PAY THEM DOWN, HOW MANY POINTS DO YOU THINK THAT WOULD ADD TO MY SCORE???

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That's hard to say, but you will probably get around 20 to 25 points...give or take. You also will reap the benefits of less interest to pay. Maxed-out cards also make CCCs nervous--lower your balances and keep them low, and you'll likely find the CCCs are more receptive to giving you CLIs. High balances also make you a target for ratejacking.