Score increase Question

[Anonymous]

Hi all I was wondering I have recently gone on and paid down all my balances on all my credit cards.

I have small amounts left

$40 left to pay on one cc with 250 limit

$0 on another with a $300 limit

$300 on another with $1000 limit

$250 with a $320 limit

$25 on a jewlery store with a $1500 limit

all other bills are paid on time when should I see them report to the CRA's and how big of a score increase should I see? When do they report to the agency?

[llecs]

What were your balances on each CC before you paid them?

They typically report your new balance around your statement date. There's a couple exceptions like Amex and HSBC CCs.

[Anonymous]

They were all  almost maxed out.

[Anonymous]

Having high util on an individual card will still hurt you a bit, you should get a nice boost when all your cards report the new balances, but the 250 out of 320 will hold you back slightly.

[llecs]

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jwayman99 wrote:

They were all  almost maxed out.

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If each individual card was at 100%, then going from 100% down to 20% as you are now would bring about 70 pts. This is assuming that you had no available credit on any card prior to the debt paydown.

[RobertEG]

Two factors hurting.  There are three factors in utilization.  Overall untiliation, indivual card util, which includes %util on each, and number/% of cards carryiing balances.  Overall and indiv card utils count about the same, per statements made by FairIsaac in their webinars.

4 of your 5 cards carry balances.  80% 
And the account with a 320 CL carries a 250 balance, which is 80%.

 Minor in $, but not minor in credit scoring.