@Anonymous wrote:
My scores were all very close to 700s (on mobile and don't remember what's in my sig but one score was 697) and then reported with my 70-80% usage on my Amex and Chase Freedom and all scores dropped in the 650s.
If I pay these down immediately (or as soon as I can, I guess) will it hop right back up? This is making me nervous as I was trying to build to at least 720.
Yes and no in my experience - I'm in the process of settling a family estate, one asset rich but cash poor. Until I settle the major part of the estate (real estate holding). I personally am covering most all the estate expenses including over $20,000 in real estate taxes. Several of my credit cards are carrying substantial untilazation of 60% to 70% due to estate expenses and I'm not worried about the payback because the estate will cover everything soon, however my scores acrossed the boar have dropped about 40 points due to the balances and untilazation percentages.
About 2 weeks ago I paid off about $9000 in expenses, one card with a balance for $2772 ($4k CL, now PIF) dropped my TU score 18 points when it hit my report last month, paid off it raised my score only 12 points this month.
At the end of Sept I'll be clearing out all pending "loans" to the estate - I'll be really interested to see if all of my scores recover the 40+/- points I lost (note my scores were mid-700's, now lower 700's with the lowest one now 712.
Bottom line is yes they will recover based on my experience, but I'm not sure they'll "hop right back up" on one shot.
