score calculation

[tbtlend]

I paid off some credit card debt recently and reduced the ratio of balances to limits by exactly 40%. All my trade lines are paid as agreed. Is there any way to calculate how much this will affect my score given that this ratio comprises 30% of the score as a hole. My overall score is 691 and I want to know if this will kick it over 700.   

[Junejer]

Hello tbtlend, and welcome to the forums. Please read Credit Scoring 101, if you haven't already.

I trust that you are taking about a FICO score that you got from this site, Equifax's site or transunioncs.com. If it came from a CMS, it's a FAKO. Anyway, I usually say that people can expect to get about 8-10 points per 10% of util, provided it hits one of the thresholds--49%, 29% or 9%.

[llecs]

I'd guess 40 points if:

1) you have a good mix of credit (at least 2 revolving and one charge).
2) all CC individual utilizations are 40% lower.
and 3) you didn't increase utilization on any of your other cards (e.g. a BT, or a higher balance is reporting on another CC).

ETA: Byrdman is a faster typer...and ditto to the score source.

Message Edited by llecs on 02-27-2009 05:05 PM

[tbtlend]

Thanks. I assumed 8 points per just to be conservative. I do have 1 account that is over 40% utilization (I balanced transferred an account into it becasue the rate was 1 year introductory 12.99 vs the 21.99 on the other card not realizing the effect  - aack they got me!) Read Scoring 101 and it was extremely enlightening. Thanks again!

[Junejer]

Is your score that you posted FICO or FAKO?

[tbtlend]

FICO