Score Jumps from Decreasing Debt

[Anonymous]

My score just jumped ten points for paying down my auto loan. I'm so excited. I just started working on my credit this past month and want to get into the high 600s and beyond. (Currently at 626 TU 640 EQ - i'm in fair now YAYYYY). 

I recently removed myself as an AU on a CapOne with a high utlization (80%+) so, my utlization should drop to below 50% and I'm actively paying down my cards. My question is: How much can you score jump in a month/three months/year? Is it possible to see a 100 point jump in 6 months?

[CreditCuriosity]

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@Anonymous wrote:

My score just jumped ten points for paying down my auto loan. I'm so excited. I just started working on my credit this past month and want to get into the high 600s and beyond. (Currently at 626 TU 640 EQ - i'm in fair now YAYYYY). 

I recently removed myself as an AU on a CapOne with a high utlization (80%+) so, my utlization should drop to below 50% and I'm actively paying down my cards. My question is: How much can you score jump in a month/three months/year? Is it possible to see a 100 point jump in 6 months?

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Very possible to jump 100 points in a month if it is simply utilization that is dragging down your score..  You have high ultiziation if you drop it below 10% you will see a huge boost.. It also depends on your whole credit profile if you have CA/CO's and/or lates on how much your score will actually jump.. Assuming you have no lates or CA's/CO's and you got your utilization < 10% a 100 point increase within a month is very possible.   FICO has no memory w/regards to ultization and is dymanic and will change day to day and month to month type of scenario.

[Anonymous]

Thanks CreditCurosity, I know this is a newbie question, but I'm at the beginning of my journey. 

I don't really have any baddies. My inquires are at 8 on my TU, but I'm expecting at least three to drop off in the new two months. My problem is mainly utlization. 

[mwlcolorado]

It is very possible to see a large jump.  The scores in my signatures are largely due to utilization.  I tapped every line of credit I had during our adoption and my utilization was over 90% across the board.  I'm currently at 3% utilization and slightly more mature accounts.  I have 3 baddies in my file that are all due to fall off within the next 6 months.  Good luck to ya!

[Anonymous]

So @mwlcolorado the increased scores in your signature are mainly from decreasing your util?

I'm trying to move to similar scores. 

[CreditCuriosity]

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@Anonymous wrote:

Thanks CreditCurosity, I know this is a newbie question, but I'm at the beginning of my journey. 

I don't really have any baddies. My inquires are at 8 on my TU, but I'm expecting at least three to drop off in the new two months. My problem is mainly utlization. 

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ya if it is just inquiries and utililzation you will continue to see your score increase a TON if you continue to get utilization down and also lower the installment loan(auto loan) you mentioned of.. 100 points is not out of the question... depends on your whole credit profile on AAoA/# of cards and tons of other factors.  Just get your utilization under control and good things are bound to happen to your score!

[Anonymous]

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@Anonymous wrote:

My score just jumped ten points for paying down my auto loan. I'm so excited. I just started working on my credit this past month and want to get into the high 600s and beyond. (Currently at 626 TU 640 EQ - i'm in fair now YAYYYY). 

I recently removed myself as an AU on a CapOne with a high utlization (80%+) so, my utlization should drop to below 50% and I'm actively paying down my cards. My question is: How much can you score jump in a month/three months/year? Is it possible to see a 100 point jump in 6 months?

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haha - my score on Capital One's FAKO just jumped 100 points exactly this month. It went from a 656 to a 756. I have a utilization of around 12%. I think the difference was that all my capital one cards actually started reporting - 15k Venture and 10k VentureOne

[dethkultur]

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@Anonymous wrote:

Thanks CreditCurosity, I know this is a newbie question, but I'm at the beginning of my journey. 

I don't really have any baddies. My inquires are at 8 on my TU, but I'm expecting at least three to drop off in the new two months. My problem is mainly utlization. 

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I tis very possible to jump 100 points. My EX was 666 in December, it is 790 now. I had a new collection in Nov and two PRs and a util of around 90%. My negatives are gone now.

Utilization is a big part of it, and it helped me a lot to understand how it worked and use that knowledge to my advantage. Inquiries are a tiny part of your score, maybe 5 or 10 points, so that isn't a worry for you. But I must tell you my friend, if your score was 616 recently, you have baddies. No amount of utilization will push your score that low all on its own.  Get your credit reports and scrutinize every line.

[mwlcolorado]

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@Anonymous wrote:

So @@mwlcolorado the increased scores in your signature are mainly from decreasing your util?

I'm trying to move to similar scores. 

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Yes, in my case, paying everything off was the bulk of it.  I did have two new cards last September so they have aged a bit as well as the rest of my file.  Utilization can drag your score waaaaaay down.  I never new 100-150 points, however.

[Anonymous]

@Debit2Cash Yeah my FAKO on CapOne is way old so lower than my current scores and I still was approved with a 2K CL. I think it was mostly relationships. In reference to saying I must have baddies... I'm really not seeing it. I've been looking over and over. No accounts in collection, no late payments, AAoA is 4 years + which is okay not great, a lot of student loan debt but all currently deferred and up to date. Inquires are up like i said 8 and 4. The only thing is high utilization - Over 80% on average.