Question on debt ratio and fico score..

[Anonymous]

Thanks again

Message Edited by SERGE on 07-31-2008 01:55 PM

[Anonymous]

Assuming the LOC is a revolving account you should see a lot of points come your way once it posts.....could very well get you your 700 just with paying that off.

However, if the LOC was set up as an installment account you probably won't see any change in your score.

[Anonymous]

Thanks a bunch  "1111mel"...Yes, It's a revolving LOC..... I just hope it does jump up. Do you think I should have used $2,100 of the LOC balance to zero out my CC leaving me with about 23% to 24% UTIL on the LOC? I just want to get back on track and I really need all the advice I can get.

Thanks again

Anyone else have any input?

Message Edited by SERGE on 07-31-2008 12:05 PM

[MidnightVoice]

My input is in a rather similar thread 

Maybe some nice Mod would merge them?

[Anonymous]

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MidnightVoice wrote:

My input is in a rather similar thread 

Maybe some nice Mod would merge them?

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Maybe MV could provide a link so a Mod doesn't have to go looking for it?

[mrlimo]

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cheddar wrote:

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MidnightVoice wrote:

My input is in a rather similar thread 

Maybe some nice Mod would merge them?

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Maybe MV could provide a link so a Mod doesn't have to go looking for it?

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MV probably assumed you had already read his post.

[MidnightVoice]

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cheddar wrote:

---

MidnightVoice wrote:

My input is in a rather similar thread 

Maybe some nice Mod would merge them?

---

Maybe MV could provide a link so a Mod doesn't have to go looking for it?

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http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=113155&jump=true

I will make no comments on Mods making us plebs do their work for them 

[Anonymous]

Hello,

I have a credit card with a limit of $3,000.00, my balance as of today is $2,100.00, I also have a line of credit of $9,000.00. As of yesterday my balance in my line of credit was $6,935.70, what I did today was pay the $6,935.70 out of my pocket (without getting another loan) and zeroed out the line of credit without closing it. The balance is now $0.00. Give or take, how will it affect my credit in terms of points and how long do you think it will take for my credit score to raise. My credit score is about 650 (not the greatest) and am working on getting it to where it was before (700+). Have had both accounts for a few years now and have made pmts. on time.

Thanks for the advice and help,

Message Edited by SERGE on 07-31-2008 01:26 PM

[Anonymous]

Can anyone help or comment..?

Thanks

[Anonymous]

You should see a score jump after the creditor reports to the CRA's and they update.

Your overall utilization was at 75%, now it is around 17%. But your CC is still around 70%, which isn't great.

Too late now, but I would have used the same amount of money to pay off the credit card and reduce the line of credit down to a $2100 balance. Overall utilization would have still been 17%, but the CC would be at 0% and the LOC at 23%, instead of the LOC at 0% and the CC at 70%.