@Anonymous wrote:So..I started my credit "repair" journey about 6 years ago. I started with credit one card, merrick card and had a credit union card. Over the course of time, I've bought 2 cars, a home and collected a few other credit cards and used them (arguably too much).
I recently paid off all cards with proceeds from a debt consolidation loan from the credit union. Prior to paying off, my total utilization was above 50% with a handful of cards at a high utilization percentage (75% and above). Now that they are all paid, my utiization will drop and hopefully my scores will improve.
So...my question is how much of an increase in FICO score should I possibly see with paying off credit card debt. According to my loan disclosure my FICO is already at 695 (experian I think).
Also...I realize I have some "rebuilder" cards (credit one, Merrick) and a lot of synchrony cards (amazon, paypal, verizon). Should I close these when my scores increase and I can qualify for "better" cards? I already have a credit union card, a chase card, cap one. Unfortunately synchrony is where most of my higher CLs are.
Thanks
1. You will probably experience a significant increase in most of your FICO scores.
2. Just close the Credit One to get rid of the annual fee.
@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:So..I started my credit "repair" journey about 6 years ago. I started with credit one card, merrick card and had a credit union card. Over the course of time, I've bought 2 cars, a home and collected a few other credit cards and used them (arguably too much).
I recently paid off all cards with proceeds from a debt consolidation loan from the credit union. Prior to paying off, my total utilization was above 50% with a handful of cards at a high utilization percentage (75% and above). Now that they are all paid, my utiization will drop and hopefully my scores will improve.
So...my question is how much of an increase in FICO score should I possibly see with paying off credit card debt. According to my loan disclosure my FICO is already at 695 (experian I think).
Also...I realize I have some "rebuilder" cards (credit one, Merrick) and a lot of synchrony cards (amazon, paypal, verizon). Should I close these when my scores increase and I can qualify for "better" cards? I already have a credit union card, a chase card, cap one. Unfortunately synchrony is where most of my higher CLs are.
Thanks
1. You will probably experience a significant increase in most of your FICO scores.
2. Just close the Credit One to get rid of the annual fee.
Thank you. When I did score simulator on CK, it came back as a significant increase in Vantage 3.0 so...
Looks like I'll be closing the cards I have with annual fees (Merrick and Credit One)
Thank
Don't rely on any score simulators - they're just to give you an idea of how scores may trend, buy pay no mind to actual point increase/decrease amounts.
@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:So..I started my credit "repair" journey about 6 years ago. I started with credit one card, merrick card and had a credit union card. Over the course of time, I've bought 2 cars, a home and collected a few other credit cards and used them (arguably too much).
I recently paid off all cards with proceeds from a debt consolidation loan from the credit union. Prior to paying off, my total utilization was above 50% with a handful of cards at a high utilization percentage (75% and above). Now that they are all paid, my utiization will drop and hopefully my scores will improve.
So...my question is how much of an increase in FICO score should I possibly see with paying off credit card debt. According to my loan disclosure my FICO is already at 695 (experian I think).
Also...I realize I have some "rebuilder" cards (credit one, Merrick) and a lot of synchrony cards (amazon, paypal, verizon). Should I close these when my scores increase and I can qualify for "better" cards? I already have a credit union card, a chase card, cap one. Unfortunately synchrony is where most of my higher CLs are.
Thanks
1. You will probably experience a significant increase in most of your FICO scores.
2. Just close the Credit One to get rid of the annual fee.
Thank you. When I did score simulator on CK, it came back as a significant increase in Vantage 3.0 so...
Looks like I'll be closing the cards I have with annual fees (Merrick and Credit One)
Thank
Yes if Merrick has annual fee dump that one too.
Simulators are not meaningful. Credit Karma scores are not meaningful. So whatever they say is unimportant.
