94% Utilization to 29%. Guess the increase

[ScottL]

I have 7 credit cards and was an authorized user on an 8th card.  

my current Fico report shows my utilization is 94% and my scores range around 615

The 8th card is nearly maxed. So I removed myself as an authorized user. I'm assuming that should help as I have no control on paying that down. 

the other 7 cards all varied but were all around 90% as well. 

yesterday I paid them all down to be 29% or less.  One I accidentally paid off completely. 

before all this I had around $12k in debt and was newly maxed.  

wont know until everyone reports and give updates. But just kinda curious. What kind of increase are you guys thinking I might get? 

I don't have any collections, recent late payments etc.  I do have a couple old charge offs but they are 3-4 years old now.  Not sure how badly they are affecting me.  I have a gut feeling the utilization is what was hurting me the most. 

[Thomas_Thumb]

The charge offs are likely costing you 50-60 points. The prior ultra high aggregate and all cards near max up to 110 points.

The paydown may net you up to 70-75 points. So, if your pre paydown score was 615, new score might come in around 680-690.

[FicoMike0]

Please update us when you get the new scores. Good data point.

[ScottL]

Yes sir. Will do.  I'm anxious to see myself. 

[LivingTheAmericanDream]

Very nice! I'm thinking 150-180. Good luck

[i_need_credit]

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@ScottL wrote:

I have 7 credit cards and was an authorized user on an 8th card.  

my current Fico report shows my utilization is 94% and my scores range around 615

The 8th card is nearly maxed. So I removed myself as an authorized user. I'm assuming that should help as I have no control on paying that down. 

the other 7 cards all varied but were all around 90% as well. 

yesterday I paid them all down to be 29% or less.  One I accidentally paid off completely. 

before all this I had around $12k in debt and was newly maxed.  

wont know until everyone reports and give updates. But just kinda curious. What kind of increase are you guys thinking I might get? 

I don't have any collections, recent late payments etc.  I do have a couple old charge offs but they are 3-4 years old now.  Not sure how badly they are affecting me.  I have a gut feeling the utilization is what was hurting me the most. 

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Im thinking at LEAST 90 points.  I did something similar (didnt have that much debt) and removed myself as AU from two maxed out cards and my scores went up around 80-90 points

[xenon3030]

The best guess is landing nearby 690-700.

By further optimization of your profile (dropping inq, AZEO, aging accounts, adding loan), you may reach ~740-750 or higher in a few months.

[Debt-is-a-Scam]

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@Thomas_Thumb wrote:

The charge offs are likely costing you 50-60 points. The prior ultra high aggregate and all cards near max up to 110 points.

The paydown may net you up to 70-75 points. So, if your pre paydown score was 615, new score might come in around 680-690.

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I agree.

[KatzNDawgs]

Also depends on other metrics with your file such as age, thickness, credit mix, etc. But I would say maybe around 90 points average for F8 scores.

[Thomas_Thumb]

@ScottL 

Can you share an update on score improvements?