FICO Score Increase

[vegas757]

Hello All,

My current credit score is around a 640-670 depending on the score I check. My biggest and only negative on my score is amounts owed, based on remarks. Everything else I would say is excellent with history (length) being good to very good., I owe about 40k in credit card debt and overall my cards are close to max. If I pay off all the debt or say 90%, once this is reported to the credit bureau's, would there immediately be a big jump in score? Thanks.

[AllZero]

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@vegas757 wrote:

Hello All,

My current credit score is around a 640-670 depending on the score I check. My biggest and only negative on my score is amounts owed, based on remarks. Everything else I would say is excellent with history (length) being good to very good., I owe about 40k in credit card debt and overall my cards are close to max. If I pay off all the debt or say 90%, once this is reported to the credit bureau's, would there immediately be a big jump in score? Thanks.

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Not knowing the exact data points in your credit profile, my answer to you is, yes.

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?

Also recommended reading from Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20

[SouthJamaica]

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@vegas757 wrote:

Hello All,

My current credit score is around a 640-670 depending on the score I check. My biggest and only negative on my score is amounts owed, based on remarks. Everything else I would say is excellent with history (length) being good to very good., I owe about 40k in credit card debt and overall my cards are close to max. If I pay off all the debt or say 90%, once this is reported to the credit bureau's, would there immediately be a big jump in score? Thanks.

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Yes there would immediately be a big jump in your scores.

[Anonymous]

By way of example, my FICO scores are 680s - 690s. I have $18,450 in available credit across several cards. All cards are below 30% individual utilization (most are at zero or far below 10%, one is just a little under 30% as I take advantage of an interest free purchase offer) and aggregate utilization is under 10%. I had one, single $1000 limit Cap One Card report a mid-cycle, near maxed out balance of $960 and immediately lost an average of 12 points to each score. That's for one card going past all the thresholds all at once. My point is, yes, if you can get your utilization down, you'll see immediate increases in scores. Mortgage scores in particular love zero balances. @AllZero posted a reply with info on AZEO. I would recommend you read all of that. 

[vegas757]

Thank you!

[FlaDude]

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@vegas757 wrote:

Thank you!

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So have you seen any changes yet? If so, what were the results?

[folks19]

You can also check the fico estimate on this website, putting in the only 10% of your credit card debt.

[FlaDude]

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@folks19 wrote:

You can also check the fico estimate on this website, putting in the only 10% of your credit card debt.

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Both my experience and the general feedback in threads on this site suggest that score simulaters are pretty worthless.

[vegas757]

I recently did the payoffs. Waiting 30 days or so to recheck. I will post result. Thanks to all who anwered.

[vegas757]

Just went for a pre-approval and all three score are close to 750! And I left (super low interest rates) two cards close to max but will be paying them both off in 10 days after the sale of our home. I would say my scores jumped 75+ points after paying off most of my debt. Thanks for all the advice!