Point question

[Anonymous]

Hi:

We are trying to get my husbands score up so we can buy a home. At the beginning of the month we paid off 2 credit cards which are suppose to report today. That leaves another one which is under 30%. We also have a Cap. 1 that we just paid $500 on a 1,000 limit. They will not report until the end of next month. We also have a personal loan that we paid down to 30% and they report the first of the month. Our line of credit we paid down to 30% and the report around the first of the month. Oh.. I forgot about one more credit card.. we paid down to under 30% of limit. They report begining of month. Can we expect a pretty good jump? We need to make 20 points.

Thanks!

[Anonymous]

Any insight would be great!!

[DaBears]

Depends on what else you have on your credit reports?

[Anonymous]

All we have are the accounts I listed above. We had some baddies that we paid off 3 to 4 years ago. We have not had any late payments since. We had my husbands score up, but then last year we had a death in the family and ended up maxing out credit cards to get to the funeral. Do u think what we did will bump our score up?

[Shogun]

I could see a bump from paying down the util on those revolving accounts.  The util of the loan doesn't really figure into util, but will look better to an UW.

[Anonymous]

Do u think it will be enough to get 20 points?

[Shogun]

It's always a YMMV type of thing.  I really couldn't tell you it will or not.  But I can tell you that yes, it is possible.

[Anonymous]

I did the FICO Simulator and it showed it should. I sure hope so. I know we made a mistake when we maxed out the CC's, but we felt we had no choice. We had to go to the funeral. Thanks for ur help!

[Shogun]

You're welcome, and just so you know, max boost is 9% or less on your revolving util.

[Anonymous]

What do u mean by that?