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After paying off 33K worth of credit card debt with a Lending Club personal loan, my credit score for all scoring models has gone up at least 100 points. Here's some examples: Exp Fico 9, Equifax Bankcard 8, TU Fico 8.
Outstanding results! Is the loan reporting yet?
@Anonymous wrote:Outstanding results! Is the loan reporting yet?
Yep first reported mid-May.
Cool! Can you let us all know what your aggregate revolving utilization was before the loan and after the loan reported? Also how many CCs did you have and what was the highest utilization on the highest one(s)? With a gain like that, my guess is that you went from maxed out utilization to ideal (under 8.9% overall) utilization? Also, did you have no open loan previously, so adding this loan resulted in going from 0 to 1 open loan?
Well done!
@Anonymous wrote:Cool! Can you let us all know what your aggregate revolving utilization was before the loan and after the loan reported? Also how many CCs did you have and what was the highest utilization on the highest one(s)? With a gain like that, my guess is that you went from maxed out utilization to ideal (under 8.9% overall) utilization? Also, did you have no open loan previously, so adding this loan resulted in going from 0 to 1 open loan?
My CCs are listed in my sig.
1 open car loan, 2 closed.
1 open mortgage, 1 closed.
1 closed secured loan from my Jet Ski
1 open unsecured loan from Lending Club
At the time:
BOFA Cash Rewards 12,400/10K limit.
Citi Simplicity 6,500/6,600 limit.
Lowes 6,500/12K limit
Discover IT AU 7,000/7K limit
A few smaller ones paid down.
May 3rd compared to June 8th data:
Well, that explains it! Going from 42% UTIL to 4% clearly makes a big difference.
Congratulations on the big score bump!
@nyyankees877 wrote:After paying off 33K worth of credit card debt with a Lending Club personal loan, my credit score for all scoring models has gone up at least 100 points. Here's some examples: Exp Fico 9, Equifax Bankcard 8, TU Fico 8.
Congratulations. I guess there's a lesson in there.
@nyyankees877 wrote:After paying off 33K worth of credit card debt with a Lending Club personal loan, my credit score for all scoring models has gone up at least 100 points. Here's some examples: Exp Fico 9, Equifax Bankcard 8, TU Fico 8.
Outstanding increase!! I have seen a 50+ point before in mine, but 100+ is amazing!