Aprox how much FICO increase after paying UTIL down from OVER 100% to 1%

[JoJoCal19]

I currently have 1 closed Citi card that is kinda over the limit due to finance charges and making the minimum payments that Ill be paying off in February.

Also have 4 other mastercards that are maxed out that Im paying off in February.

I would assume that if im not over 100% UTIL then Im right at 100%

I have seen people give "estimates" of how much FICO increase one can expect from going from on UTIL  % to another. If I go from over 100% and having a balance on a closed card to having 1% UTIL and no balance on the closed card, approximately how much FICO increase am I looking at?

Currently scores are 595 EQ, 630 TU, 637 EX.

[Anonymous]

I can see 700+ in your future.

---

JoJoCal19 wrote:

I currently have 1 closed Citi card that is kinda over the limit due to finance charges and making the minimum payments that Ill be paying off in February.

Also have 4 other mastercards that are maxed out that Im paying off in February.

I would assume that if im not over 100% UTIL then Im right at 100%

I have seen people give "estimates" of how much FICO increase one can expect from going from on UTIL  % to another. If I go from over 100% and having a balance on a closed card to having 1% UTIL and no balance on the closed card, approximately how much FICO increase am I looking at?

Currently scores are 595 EQ, 630 TU, 637 EX.

---

[JoJoCal19]

Thanks so much for the information Timothy!  I saw you post in another thread and was hoping to get your insight.

Ever since I have found these forums Ive learned so much about what goes into scoring and I now understand how much maxed out cards hurt. Now that I have the money to pay off every last one of my credit cards I have decided not to use them at all as anything I want I can pay for with cash, or save a month or two if I want something.  Next up will be paying off my student loans which other than a car loan, is my only other debts. Thankfully those dont affect the score as much as cc do.

[Anonymous]

Maybe +100 up to +130 points. Mine dropped around -140 points when I maxed out but that also included too many accounts with balances factor. This was for total max out on all open revolving accounts.

Message Edited by ilovepizza on 01-17-2008 09:49 AM

[haulingthescoreup]

agree, unless you've got lates, etc in there as well, which would be an anchor slowing the score gain.

[JoJoCal19]

The lates that are on there are over 2 years and 4 years old. Even if I got a 50-75 point increase I would be good to go for getting a home building loan which is my goal. I already have a 630 as my mid score but Id like my mid score to be 680.

[haulingthescoreup]

That looks very doable! --and maybe better, as the others said. Keep us posted! Util turnarounds are the most fun to watch, because they're relatively quick and within your control.