85% to 2% util

[rootpooty]

Just curious if we can get a rough guesstimate on where I will be score wise. Only score I have available is from Walmart 648 with 85% util reporting. Just waiting on the last of my accounts to reflect my payments. Is it possible to gain 100 points or am I dreaming high?

[fused]

Any bad stuff on your reports?

Lates? If so, how late and how recent?

Collections? If so, when was the date of first delinquency?

Charge-offs? If so, how old and how much is owed if anything?

Public records? If so, how old?

Any inqs less than a year old?

Credit profile:

How long is your credit history?

What is your AAoA (average age of all of your accounts on your reports?

[fused]

Any bad stuff on your reports?

Lates? If so, how late and how recent?

Collections? If so, when was the date of first delinquency?

Charge-offs? If so, how old and how much is owed if anything?

Public records? If so, how old?

Any inqs less than a year old?

Credit profile:

How long is your credit history?

What is your AAoA (average age of all of your accounts on your reports?

[rootpooty]

No negatives. 2 inquires in the past 2 years and a few days ago applying for a car loan at the dealer (god knows how many times they ran my credit) hopefully counts as one inquiry. 2 accounts are 6 mos old a PIFed Kay account and the buckle credit card. All the others are roughly 2 years old.

[fused]

Okay, you have a FICO score of 648 without any baddies. You have a short credit history, but that shouldn't be the biggest reason your score is 648. I think your high util is hammering your score. So, I think it's "possible" your score could shoot up 100 points. I would also recommend carrying a balance on only one of your cards, if you aren't doing that already.

ETA: I'm not sure if the FICO 08 formula places a bigger, smaller or similar emphasis on credit history and AAoA. With the older FICO formulas, I would be even more confident in my guess of a 100 points.

[bdhu2001]

You're deffinitely going to see a dramatic bump, with no baddies on your record.  Can you report back to us and let us know the outcome?  Make sure that you aren't spreading the 2% across cards and that only one card shows a balance.

[rootpooty]

2 accounts will show a balance one 45 the other 25 that's it. Forgot to add 2 accounts are 3 years old not 3 like I mentioned above. Just waiting on the last accounts to reflect zero balance and will update results.

[Revelate]

Won't quite be optimal (3-5 points off from having the 2 balances based on my own testing), but while I think 100 points is probably stretching it with what you described, 70 wouldn't surprise me one bit.  I suspect you'll move to 715ish but that's a SWAG admittedly.

[rootpooty]

I'd be happy with 715 avg across all 3. I found out quick that with scores in the 650 range and with high balances there are no good financing rates

[ticalc2014]

@rootpooty wrote:
I'd be happy with 715 avg across all 3. I found out quick that with scores in the 650 range and with high balances there are no good financing rates

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I just recently paid down some of my cards, after starting with a TU 677 at the beginning of May. I went from 60% utilization overall, with one card over 85%, down to 30% by June reporting, and was up to a 723, with several inquiries added, and a new TL added. For July reporting, with 3 new accounts since that 677, 5 inquiries (vs 1 to begin with), and overall utilization of 10%, I was up to 752. How much of that improvement is from new accounts / available credit, I don't know. AAoA dropped from about 5 years 10 months to 4 years 11 months, available credit was at $29k from $17k. No derogatory marks, collections, etc. My EQ score keeps moving up, as more new accounts are reporting, and the inquiries haven't really hurt at all. I've moved from about a 680, up to 766 during that same time, but more accounts are reporting, with 8 inquiries, and AAoA at 4 years 5 months. Available credit of $39k, and reported utilization of around 7%.

As I've said, I don't know what portion of the gain is from the number of revolving accounts, but I'm up 70-80 points across the board, with a ton of inquiries, so even without new accounts reporting, I would say a safe guesstimate would be, at least up to 700 after reporting, probably more like 720-730 depending on the CRA. I hope you get your 100 points though! 

[fused]

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@Revelate wrote:

Won't quite be optimal (3-5 points off from having the 2 balances based on my own testing), but while I think 100 points is probably stretching it with what you described, 70 wouldn't surprise me one bit.  I suspect you'll move to 715ish but that's a SWAG admittedly.

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I'm not certain the OP will gain 100 points with the FICO 08 formula. It's certainly possible for someome with his/her credit history, no baddies and low util to have FICO scores above 740 with the 98 and 04 formulas. Now if FICO 08 places a bigger emphasis on credit history calculations (including AAoA), I doubt the OP gets the 100 points he/she is hoping for.