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Question on score

Valued Member

Question on score

My credit score is around 650 (+/- 5pts)

Based on my own research I think I have three contributing factors:

In 2011-12 some late payments on loans, all has been paid and closed. No collections though.

In 2016, mortgage was sold and a processing error caused a 30 day late. Disputing, but think I only have a 50% chance to get removed.

Revolving lines were being used at 70% available. 3 cards, one was 100% used and maxed out and the other was 97% used. The last one was about 50%.

I paid off all credit cards down about 15k to about 18% utilization. Now total utilization is about 18% and each card is below 20% utilization.

Does anyone want to guess or have an idea how many points my score will jump after the new card balances are reflected?
Message 1 of 5
Senior Contributor

Re: Question on score

30-50 points.


Get it down to one card with a tiny balance for more!

Message 2 of 5
Valued Member

Re: Question on score

Is it better to have 2 of the 3 cards paid off with zero balance but keep them open, or are you saying I should close 2 of the 3?
Message 3 of 5
Established Contributor

Re: Question on score

No, he'said saying if you want to further boost to your score, have only one card report a small balance (8.9% or less) and the other two should report zero balance.
That does not mean you cannot use those two cards, just pay them before statements cuts.
Message 4 of 5
Valued Member

Re: Question on score

Great. Any idea or directional estimate on how many additional points that could boost your score (paying all but 1)? Is it 10 points, etc.

Getting close to talking to a lender for a mortgage and want to get things in order.

Thanks again for the help.
Message 5 of 5