Paid balances from 33% down to 15% should i get a score bump

[Anonymous]

Good morning everyone, for July I had to carry some balances on my cards to cover business expenses. I had a few score drops while carrying these balances.

My scores after the drops were EQ-608, TU-633, EX-645.

My eq took the biggest hit, I'm hoping for a rebound of around 640s across the board. Next month I'm going to pay my balances down to 8% and hopefully get up into the 650 range.

You all think this is possible? I'm looking to apply for a venture or QS visa signature in September (6 months after I got my platinum that was pcd to a qs) my mortgage scores are much higher than my 08 scores.

I'm so glad I found this forum. This time last year when my scores were in the mid 500'S and I could only qualify for a secured card are long past. Now I have $9,200 in available credit and scores about to be in the mid 600's across the board. I'm hoping another year from now with continued guidance and being responsible with credit to be in the high 600's to low 700's with $20k or more available.

[Thomas_Thumb]

My experience is EQ is more sensitive to # cards reporting balances and possibly utilization (both individually and in aggregate) as well. You forgot to mention what your scores, # cards reporting balances and aggregate utilization were before the drop. I really can't say where your scores will be but, certainly 650 is possible across the board once AG UT is under 9% with only one or two cards reporting a balance.

How many cards are reporting balances at the moment? 

I'd suggest holding off on additional new cards and focus on CLIs for existing cards (the ones that don't trigger a HP such as Discover card)

[SouthJamaica]

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@Davidasmithlpn wrote:
Good morning everyone, for July I had to carry some balances on my cards to cover business expenses. I had a few score drops while carrying these balances.

My scores after the drops were EQ-608, TU-633, EX-645.

My eq took the biggest hit, I'm hoping for a rebound of around 640s across the board. Next month I'm going to pay my balances down to 8% and hopefully get up into the 650 range.

You all think this is possible? I'm looking to apply for a venture or QS visa signature in September (6 months after I got my platinum that was pcd to a qs) my mortgage scores are much higher than my 08 scores.

I'm so glad I found this forum. This time last year when my scores were in the mid 500'S and I could only qualify for a secured card are long past. Now I have $9,200 in available credit and scores about to be in the mid 600's across the board. I'm hoping another year from now with continued guidance and being responsible with credit to be in the high 600's to low 700's with $20k or more available.

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Yes I think you'll get a score bump, and another when you get down to 8%.

Try to make sure some of the cards report at zero.

[Anonymous]

Right now 7 of 9 cards reporting with balances, however I paid off more cards down to 9% I will have 2 of 9 reporting balances and the total will be $845 out of $9,200 available by the end of this month.

[SouthJamaica]

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@Davidasmithlpn wrote:
Right now 7 of 9 cards reporting with balances, however I paid off more cards down to 9% I will have 2 of 9 reporting balances and the total will be $845 out of $9,200 available by the end of this month.

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I predict you'll see a benefit from getting it down to 4 of 9.

2 of 9 will be even better

[Anonymous]

Whatever score gain you get will be 100% profile dependent.  I've seen people get 10-20 point bumps from a utilization drop such as this and others like me got 2-3 points at best.  I dropped my overall utilization from the mid 30's down to single digit, 6% I think to be exact (that was with only 1 card reporting a single digit balance) and my scores all went up 2-3 points.  Not much of a gain for paying down $3500 in debt IMO, but since my profile is reasonably thick I don't think it's nearly as volatile to changes as someone with a short AAoA, less accounts, etc.