How much FICO jump i can have

[Anonymous]

Hi

I have 11 Credit cards with 6 of them having balances

1. Amex CL $12000 Statement Balance $1436

2.Bestbuy CL $2700 statement Balance $1689

3. Capone CL $750 Statement Balance $0

4. Chase Bank CL $5500 statement Balance $296

5. Citi Card CL $3900 Statement Balance $0

6 Citi Card CL$15000 Statement Balance $385

7. Citi Card CL $8300 Statement Balance $0

8. Amazon CL $3800 Statement Balance $2046

9. Kohls CL $300 Statement Balance $0

10. Macys CL $2000 Statement Balance $2

11. PNC Bank CL $1800 Statement Balance $0

My current EQ is 622 and TU is 676.

I had a 30 day late reported on Macys in April, I have asked them to remove it and they said they will do and in 7 days i will be getting a letter from Macys on the same. I have disputed this late also which is pending.  I dont have any other negative on My credit report

I have paid off all my credit cards and the balances on all the cards is $0. wanted to know how much jump i can have in my score this month. I am applying for a mortagage and need that score to go on equifax report

[Anonymous]

Congrats on the hard work and getting your cards paid off.  It's probably going to take a couple months for everything to hit your credit score I would imagine.  I would think you would get a pretty big jump based off of what your utilization was so I would say at least 20 points maybe even more? 

[Anonymous]

My Citi card which has a balance of 8300 was not used from last one year, if i use that card and a balance gets reported on my credit file will that have any effect on making the score to go up

[llecs]

I'll guesstimate...

Your Macys isn't factored into your CC util while under dispute. Even if the dispute clears, Macys doesn't reports CLs anyway. So ignore that account. They keep saying they'll report a CL but it's been two years of that promise now. In other words, you can max it out it won't impact util or FICO (not recommending that).

So, removing Macys your current util is 10.8% based on what you posted. This figure is correct assuming all other CCs report a balance and CL. It also assumes you have no other accounts not listed that can factor into CC util like LOCs, HELOCs, or CO'd CCs. And it also assumes the Amex isn't a charge card, and that none of these cards aren't no pre-set limit CCs.

So, bringing 10.8% down to 0% might result in no change in FICO. I think you might see a 10-20 gain if brought to 9% down to 1%, but I think that gain would be washed out by adding all $0 balances. FICO likes $0 balances, just not all $0 balances, and oddly enough you can get penalized for doing so. If one CC reports added interest, even if just $1, then there's no penalty and I'd see a 10-20 as mentioned.