How high did your FICO go after paying off CC's?

[SouthJamaica]

I went from 6.5% overall utilization, with a single card reporting at 78%, down to .4% overall utilization with the 78% card going down to zero.

My FICO8 score gained 8 points in EQ, 3 points in TU, and 11 points in EX.

[Anonymous]

60-70 after getting under 10%...amazing

[JustinA]

First of 7 paid off cards reported today.

243 dollar marathon gas card gave me 8 points on EQ. Waiting patiently for the other 3700 to show up.

[Anonymous]

I just went from 39 percent to 5 percent, and only a 10 - 13 percent increase on all 3.    I think I'm in a bad bucket, as I have old lates and one 6 year old chargeoff

[surferchris]

---

@Anonymous wrote:

An update to my EQ via MyFICO. AMEX finally showed up.

Also, TU updated but the balance currently I cannot figure out. It's from MyFICO, so no details. I'd love to know but I don't really want to pay to pull my TU report. 

AMEX -> $6, 0.1%

Discover -> $22, 0.3%

SW -> $0

DCU -> $0

BoA -> $352, 3.3%

Amazon (AU) -> $0, 0.0%

Gap (AU) -> $47, 1.6% 

Date        CA   $   Debt        Total Line  Util

2016-02-10  EQ  699  $52,822.00  $59,000.00  89.6%

2016-03-28  EQ  726  $34,125.00  $60,400.00  56.5%
2016-04-04  EQ  751  $23,834.00  $60,400.00  39.5%
2016-04-08  EQ  780  $10,635.00  $60,400.00  17.6%

2016-04-10  EQ  771  $10,595.00  $60,400.00  17.5%  SoFi Added, SW Visa 1%->0%

2016-04-15  EQ  786   $5,966.00  $60,400.00   9.9%  AMEX 88%->0.1%

2016-01-26  EX  713  

2016-02-10  EX  740  $50,258.00  $55,100.00  91.2% 

2016-03-28  EX  766  $22,396.00  $56,800.00  39.4%
2016-04-04  EX  773  $22,609.00  $56,800.00  39.8%
2016-04-05  EX  773  $22,609.00  $56,800.00  39.8%
2016-04-06  EX  773  $22,574.00  $56,800.00  39.7%
2016-04-07  EX  808   $9,209.00  $56,800.00  16.2%  DCU reported, 95%->0%

2016-04-10  EX  805   $9,191.00  $56,800.00  16.2%  SoFi Added

2016-04-10  EX  798   $9,191.00  $56,800.00  16.2%  Chase Inquiry

2016-04-13  EX  826   $4,522.00  $56,800.00   8.0%  AMEX reported, 88.2%->0.1%

2016-04-15  EX  819   $4,396.00  $56,800.00   8.0%  Amazon 5%->0%

2016-12-31  TU  694

2016-01-31  TU  696  

2016-02-10  TU  709  $52,822.00  $59,000.00  89.6%

2016-03-28  TU  722  $34,125.00  $60,700.00  56.2%
2016-04-04  TU  735  $24,917.00  $60,700.00  41.0%

2016-04-08  TU  752  $23,947.00  $60,400.00  39.6%

2016-04-10  TU  748  $23,947.00  $60,400.00  39.6%  SoFi Added

2016-04-14  TU  762  $13,745.00  $60,400.00  39.6%  No Idea Yet, can't figure out this balance

---

Kill - thanks for the excellent information - it is greatly appreciated.

[Anonymous]

I am currrently in escrow and just paid off my car loan ($6247)per my Loan offficer, did a rapid rescore and my credit score dropped! My credit score was 640 to begin with. and now it is at 604! So my loan officer called and said I have two options -1) pay down my credit card bill which is maxed out currently at $4800, she wants me to pay it down to and only leave $100 on it - Option 2 is to put a down payment of $7300.00. My question is if I pay my CC bill down and only leave $100 on it will it bring my score up 40+ points? I only have one CC bill on my credit report. I really think I shold NOT have paid my car off - that really hurt me!   HELP!

[HeavenOhio]

Paying down the credit card will definitely help. If it's your only card, a $10 balance would likely optimize the utilization portion of your score.

If your car loan was your only installment loan, paying it in full definitely hurt you. You shouldn't have been given that "advice." The sweet spot would have been to pay the loan down to something at or under 8.9% of the original amount.

[Anonymous]

---

@Anonymous wrote:

I am currrently in escrow and just paid off my car loan ($6247)per my Loan offficer, did a rapid rescore and my credit score dropped! My credit score was 640 to begin with. and now it is at 604! So my loan officer called and said I have two options -1) pay down my credit card bill which is maxed out currently at $4800, she wants me to pay it down to and only leave $100 on it - Option 2 is to put a down payment of $7300.00. My question is if I pay my CC bill down and only leave $100 on it will it bring my score up 40+ points? I only have one CC bill on my credit report. I really think I shold NOT have paid my car off - that really hurt me!   HELP!

---

A maxed out credit card is very damaging. You get dinged for having all 0s, but also get dinged for having all your cards reporting a balance, so it's really hard to say which would work out more to your favor.

If your loan officer wanted you to pay the car off, that means it was an income ratio that was a problem, not the score. You can look into getting a shared secured loan to get the benefit of having an installment loan also reporting.

[lloyd1981]

One of the sad facts about paying off your bills, including car notes, is that FICO doesn't give a **bleep**. First, about 10 years ago, after hurricanes and other issues, consolidating debts with a loan and building a spreadsheet with four sections that allowed me not only to manage but determine future payments, including interest, and paid down my bills. I have kept my credit card selection to "quality" products, such as Chase Sapphire and Business AmEx Platinum. Worked my way into the 800 and above mark.

I paid off my car loan 5 months in advance by simply paying a bit more each month for four years. The constant harping on Get Rid of Debt paid off. Woman and I have at least $200,000.00 in available credit and I was stupid enough to think that was okay. Not the American way, it seems. The month following the payoff, as I was getting ready to purchase another car, my score dropped 47 points. And when I ran the usual "other versions" for auto loans, etc., not only did I drop into a higher interest rate category, the OTHER FICOs (9, etc.) indicate that I am less likely to be trusted because at one time I had used a "finance company" to consolidate debts, in spite of the fact that I paid them off in 50% of the schedule.

Another problem is that I have no real property obligations - all paid off years ago because I took out a 15 year loan and over-paid each month.

And now that I pay all (4) but 2 credit cards off before the report date (total of 6 cards). And since I also bought my wife HER Lexus in HER name but I have been paying IT off ahead of schedule (her credit line is over $90,000.00 for her cards and she owes on only three cards), the thing for me to do is buy her car and make my deal for a new car of my own while that note is still hot.

Lousy way of having to do business.

[Anonymous]

Do you think if I pay it down to $10, i will see a 40+ increase?