Lately I have accummulated quite a bit of credit card debt, and now it's time to pay up. My score is currently 689, (down from 739) partly because of high utilization. The FICO score simulator estimated that if I pay off all my revolving credit, my score would rise to 699-739. So I paid all of my cc debt (still have an auto loan and a heloc) down to zero. Let's see if score simulator is right. Here are the (former) balances and the credit limits.
Orchard Bank CC BAL - 839/ LIM 900
US Bank CC BAL 4041 / CL 4500
Citibank CC BAL 7369 / LIM 10000
Amazon CC BAL 1700 / LIM 2200
I wonder how long it will take.
You should have an answer after each of those accounts reports (a day or two after the statement closing date). I would like to know what your results are, also. Wishing you the best- good luck!
IM curious also , it gives such a broad range its sometimes almost like a huge guesstimate
I would love to know how correct that simulator is. If it is actually close I might tailor my plan to it
Well, payments posted to all credit card accounts by the end of June, but not a single one has reported to the credit bureaus yet, not even the ones with a statement due date between the payment and now. I really want to refinance before the rates go up any further. Will the rapid rescore work if the credit card companies haven't reported yet? Does the rapid rescore seek the latest balances, or just take what is currently on the report and recalculate the score?
I wish I was a more patient person...