Lower Utilization = x increase?

[tim1017]

I currently have two ccredit cards that are at 90% UTL ($1500, and $300 credit limits).  I'm working toward getting approved for a mortage (long road ahead).  By paying these off, how much ccould I expect my score to increase?  I have one charge off within the last year, a car loan which is 15 months never late, a personal loan 3 months old and never late.  I'm desperately trying to get above the 620 marks and my three scores are 514 TU, 543 TU, 544 EQ.

[Anonymous]

Paying them down to below 10% *will* give you a score boost. How much of a boost is anyones geuss...

Only one way to find out how much. Do it.

[-NewGuy-]

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@tim1017 wrote:

I currently have two ccredit cards that are at 90% UTL ($1500, and $300 credit limits).  I'm working toward getting approved for a mortage (long road ahead).  By paying these off, how much ccould I expect my score to increase?  I have one charge off within the last year, a car loan which is 15 months never late, a personal loan 3 months old and never late.  I'm desperately trying to get above the 620 marks and my three scores are 514 TU, 543 TU, 544 EQ.

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It's hard to say really. The charge off is hurting you for sure. However, UTIL is a big chunk of your score. Assuming that the two cards you mentioned are your only cards, paying one card down to zero and the other to between 1-9% ish should raise your score a pretty decent amount.

[Anonymous]

1-10% utilization is best. Points vary. Keep paying everything on time and see about a PFD on your charge off if possible. Even one can really tank your score especially if it is new. Good luck.

[tim1017]

Would attaining a third credit card (secured) increase my credit score?  I was thinking of doing so and just letting that sit with a zero while also paying down the other two.

[vertekal]

Obviously every situation is different, but my credit score is similar to yours. I had a 547.  

I have a revolving account (I think it is) with a furniture store with a $1000 limit. When my balance went from $120 to $980, my FICO dropped 10 points.