How Big of FICO JUMP might I get? (average jump)

[niecey89]

Good evening,

Well I just got my severance and I did the following: 

Walmart, Target, and Private Sallie Mae Loan (co-signer) >> PIF

UPromise Citibank and Cap1>>> paid down (left $100 on each account)
Orchard Bank >> left as it. (small balance under $400)
Sallie Mae Career Training Loan >>> Paid current past due balance on Sallie Mae site (wondering if I should negotiate with collection agency to settle balance)
The federal loans are in unemployment Deferment
Truck loan (americredit) >> left as is, account is current and never late
IKEA, Children's Place, Avenue >> already had zero balances.

as you can see from my signature my scores are not the best. So with everything listed above, how big of a jump do you think I might get?

[Anonymous]

Could you tell us your balances before you paid them off and CL. This way we can gauge your utilization %. Of course anything we can offer will be a guess, but that would help the most, I think.

Btw, way to go on plugging through all of those. It's got to feel really good!

[Junejer]

Not enough info to process niecey. As UpUpUp says, we need prior balances and CLs or prior util and current util to 'cipher this for you.

[niecey89]

lol, sorry, that little information would help. Here it is as follows:



Walmart                 19.87% 330 bal 230.37 PIF (CLD 410)
Target                   20.99% 200 bal 128.33 PIF
Private Sallie Mae Loan (co-signer)           7.0% bal 2446.62 PIF

UPromise Citibank               14.99% 2800 bal 2626.72 (paid down to 126.72)
Cap1                                14.15% 3000 (after combining) bal 2813.69 (paid now to 113.69)
Orchard Bank                     14.90% 500 bal 313.79

Sallie Mae Career Training Loan >>> Paid current past due balance on Sallie Mae site (wondering if I should negotiate with collection agency to settle balance) 11.5% 7809.99 paid 1050 past due
The federal loans are in unemployment Deferment - 5.375% 25423.26
Truck loan (americredit) >> left as is, account is current and never late - 13% 26000

IKEA                                  19.90% 100 bal zero (CLD 300)
Children's Place                    21.96% 250 bal zero
Avenue                               22.80% 470 bal zero

[Junejer]

Niecey, you were at 80% util before you did all of this. You are now at 7% util. I would guess that you might gain 50-60 points. I would have said a few more, but I suspect that you still might get that pesky "too many accounts with balances message", as you have more than half of your open accounts reporting a balance. Even if we say that the federal SLs are "one", you still have balances on six out of 11 open accounts. Take care of that and I would guess another 10-20. If I were you, I would only allow one of the CCs to report a small balance, then I would pay it off after the statement cuts. Then rotate the cards monthly, only allowing a very small balance to report.

Regarding the SMCTL, if you were allowed to pay it on the Sallie Mae site, I would work with SM and leave the CA out of it. See what you can get accomplished with SM. Make a payment or two on time with it, before closing, however.

Also, make sure you still have some cash on hand to be able to live, as I take it you haven't secured another job as yet.

GL

[niecey89]

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@Junejer wrote:
Niecey, you were at 80% util before you did all of this. You are now at 7% util. I would guess that you might gain 50-60 points. I would have said a few more, but I suspect that you still might get that pesky "too many accounts with balances message", as you have more than half of your open accounts reporting a balance. Even if we say that the federal SLs are "one", you still have balances on six out of 11 open accounts. Take care of that and I would guess another 10-20. If I were you, I would only allow one of the CCs to report a small balance, then I would pay it off after the statement cuts. Then rotate the cards monthly, only allowing a very small balance to report.

Regarding the SMCTL, if you were allowed to pay it on the Sallie Mae site, I would work with SM and leave the CA out of it. See what you can get accomplished with SM. Make a payment or two on time with it, before closing, however.

Also, make sure you still have some cash on hand to be able to live, as I take it you haven't secured another job as yet.

GL

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Thanks ByrdMan, 

I am going to pay the rest of the balances after these payments (CCs under $150) clear on Wednesday.  I was for now just going to keep Orchard Bank with a balance and just pay it down. The cash on hand, I paid myself first split the money between my CU, ING savings, and my daughter's bank account (she is 5, so for now i am the only one that can access the account).I have only been out of work for 2 weeks now. I am good with the severance (will be applying for unemployment at the end of the week..you get that for a year in NJ). Right now I am looking for employment but in the meantim; I have 6 months of rent, truck loan, sallie mae, and household bills saved from the severance. Once i start getting unemployment a portion will go into the 3 accounts for emergencies. Not to mention TAXes will be banked as well. 

[Junejer]

Excellent. Sounds like you have a very good plan in action. Work it until it works.

[niecey89]

Thanks. I am very meticulous about my money and bills to the point of migraines. I do not like being broke. As long has my baby has a roof over her head and food in her stomach, i am ok. 

I want to be debt free in less then 5 years in my own home and my daughter can finally get her puppy. That is my goal or as you put it "plan in action" 

[niecey89]

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@Junejer wrote:
Excellent. Sounds like you have a very good plan in action. Work it until it works.

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Byrdman, 

I received a 78 pt increase. Thanks again for your advice. I am down to one credit card balance, 1 school loan in repayment and the other deferred. Plus the truck loan.(yes a total of 4 bills on report..household excluded) Everyone has been paid on time and no lates. 

[Junejer]

My conservative estimate was good, but the reality was much better for you. Congrats.