EX F8 659 to ???

[quikj9]

My DM currently has an EX FICO 8 score of 659

The only thing suppressing her scores is her utilization.

Capital One Platinum (5yrs): $436/$500

Credit One (4yrs): $1430/$1450

Chase (9 months): $4020/4500

Honda Finance (2yrs): $4628/$12627

5 inq's (3 of which are auto)

She has zero missed payments, collections or derogs of any kind.  

Income: 100k

Assuming that we can use ~$4700 to completely pay off her Cap1 account, Credit One account, bring her Chase card down to ~27%, and her total utilization to just under 19%, what kind of score increase would she see? I was hoping she could get somewhere between 720 and 740.

[AllZero]

@quikj9 I think your estimate are within that range.

DM will cross 4 aggregate utilization thresholds. I estimated around 40-60 points.

Individual threshold should net additional points. I'm not quite sure how much.

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20

[Anonymous]

If that ~19% estimate could get below 9%, 720-740 would be obtained easily.  They'd be going from the worst possible utilization to the best.  We're talking a clean file here, AoOA of at least 5 years (based on the CCs listed) installment loan satisfies credit mix and if they were at 3 CCs with just one reporting a small balance that's all very solid.  AAoA I'm imagining is somewhere in the 3 year range or so.  A profile like that on here would typically land someone in the mid-upper 700's.  Once that youngest account of 9 months reaches 12 months of age on 2/1/21 that's good for another ~20 points or so; I'd say they'd be knocking on the door of 800 at that time if there are no new applications for credit. 

[SouthJamaica]

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@quikj9 wrote:

My DM currently has an EX FICO 8 score of 659

The only thing suppressing her scores is her utilization.

Capital One Platinum (5yrs): $436/$500

Credit One (4yrs): $1430/$1450

Chase (9 months): $4020/4500

Honda Finance (2yrs): $4628/$12627

5 inq's (3 of which are auto)

She has zero missed payments, collections or derogs of any kind.  

Income: 100k

Assuming that we can use ~$4700 to completely pay off her Cap1 account, Credit One account, bring her Chase card down to ~27%, and her total utilization to just under 19%, what kind of score increase would she see? I was hoping she could get somewhere between 720 and 740.

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I don't see why she wouldn't be in the mid 700's or even high 700's

[quikj9]

Thanks everyone for your replies. I figured that I was being a bit conservative with those estimates, but good to know that I was on the right track. I'll report back once we're able to get her balances down with the score increase.