@Anonymous wrote:
Thanks for all the great replies guys. To answer some of the questions: I do have more than 1 CC but just tend to use one way more than the others so I just mentioned that as the I figured the $50-100 a month on the others won't impact much
I have only had the mortgage for 1 year before refinancing so the utilization was still pretty high. I'm not sure the exact amount but I would say in the 95% range
The good news is that there will be litle or no change to your FICO scores, once the dust settles (i.e. a month after all the old mortgage is reporting as paid off and the new one has also been reporting).
This is is because your installment utilization is almost unchanged. It was > 90% before. It will be > 90% after.
Good news about your credit cards. It sounds like you have multiple cards (four or more?) and that typically most of them report a positive balance each month. As a final note, the next time you apply for credit, you can squeeze out some extra scoring points by making sure that all of your cards are reporting $0 except one, with the remaining card reporting something small (e.g. $10-20). If you had done this prior to the mortgage refinance, your score would have been higher.
