Score increase guess?

[RW771]

Hi everyone,

I recently paid down 2 of my revolving balances down. I have 5 cards total as shown below:

1. Secured Visa - $0/$400

2. Secured Visa - $0/$300

3. Kohl's - $0/$200

4. Home Depot - $598.75/$3000 (20% util)

5. Wells Fargo department store - $783.51/$3400 (23% util)

I was wondering what type of score increase can I expect once the new balances report. On my last statement the Home Depot balance was $1618 (now paid down to $598) and the Wells Fargo was $2888 (now paid down to $783). I wasn't able to pay one off and the other below 9% like I wanted to in order to get the best point value I could, but I'm hoping this will help give me a little boost as I'm wanting to apply for a major CC through my CU soon. Any ideas on how much I might gain? TIA!

[CreditBob]

Go to www.bankrate.com/fico     It will give you a range of what your score could be with what information that you tell it. There are three pages of questions that need to be answered but be honest with your answers. Make sure that you are looking at what the average utilization percentage is. I took at your numbers and your average utilization percentage on credit cards is 19%. You did not mention & are missing other types of accounts unless the only thing that you have are revolving accounts. Have you ever had any installment accounts such as student, auto, or personal loans? If so when did you open them? What are their balances? Are there any adverse (negative) accounts that are being reported? How many inquiries have been added to the credit report within the last 12 months? How old is each revolving account? You can not estimate what the possible outcome is without all of these other questions being answered.

[llecs]

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@RW771 wrote:

Hi everyone,

I recently paid down 2 of my revolving balances down. I have 5 cards total as shown below:

1. Secured Visa - $0/$400

2. Secured Visa - $0/$300

3. Kohl's - $0/$200

4. Home Depot - $598.75/$3000 (20% util)

5. Wells Fargo department store - $783.51/$3400 (23% util)

I was wondering what type of score increase can I expect once the new balances report. On my last statement the Home Depot balance was $1618 (now paid down to $598) and the Wells Fargo was $2888 (now paid down to $783). I wasn't able to pay one off and the other below 9% like I wanted to in order to get the best point value I could, but I'm hoping this will help give me a little boost as I'm wanting to apply for a major CC through my CU soon. Any ideas on how much I might gain? TIA!

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Were cards #1 through #3 at $0 before any debt paydown?

If so, your before overall util was at 61.7%. Your post-debt paydown (Congrats, BTW) is at 18.9% as mentioned. Do most of your accounts report $0 (assuming you had loans, paid or otherwise)? If so, if your util dropped by 40% overall, and if revolving util will report at 19%, and if there are no other accounts like LOCs or CO'd CCs factored in, and if all of the $0 balance accounts are open, and if util is listed as a top negative reason in your FICO report, then I'd hazard a guess of 40-45 points, give or take with most of the gain appearing on EQ.

[Booner72]

Last month my overall utilization was 21% and the SW report said my use of credit was hurting my score.

This month my overall utilization is 20% and my SW report says low credit usage is helping my score.

IDK if 20% is the magic number for everyone, or just me, but it sounds like you should get some pointage FOR SURE.

[RW771]

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@CreditBob wrote:

Go to www.bankrate.com/fico     It will give you a range of what your score could be with what information that you tell it. There are three pages of questions that need to be answered but be honest with your answers. Make sure that you are looking at what the average utilization percentage is. I took at your numbers and your average utilization percentage on credit cards is 19%. You did not mention & are missing other types of accounts unless the only thing that you have are revolving accounts. Have you ever had any installment accounts such as student, auto, or personal loans? If so when did you open them? What are their balances? Are there any adverse (negative) accounts that are being reported? How many inquiries have been added to the credit report within the last 12 months? How old is each revolving account? You can not estimate what the possible outcome is without all of these other questions being answered.

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The other types of accounts I have are:

Mortgage loan - just closed in December so hasn't reported yet to CB's

Installment loans -  I have a student loan that has never been late with a remaining balance of $8500

Revolving accts - just the 5 cards listed above

Inquiries - 4 inquiries with all 3 CB's for the past 2 yrs

No liens, judgments, PR's, unpaid collections. Only 3 PAID CO's and 2 PAID medical collections show on my CR, all from 2007.

[RW771]

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@llecs wrote:

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@RW771 wrote:

Hi everyone,

I recently paid down 2 of my revolving balances down. I have 5 cards total as shown below:

1. Secured Visa - $0/$400

2. Secured Visa - $0/$300

3. Kohl's - $0/$200

4. Home Depot - $598.75/$3000 (20% util)

5. Wells Fargo department store - $783.51/$3400 (23% util)

I was wondering what type of score increase can I expect once the new balances report. On my last statement the Home Depot balance was $1618 (now paid down to $598) and the Wells Fargo was $2888 (now paid down to $783). I wasn't able to pay one off and the other below 9% like I wanted to in order to get the best point value I could, but I'm hoping this will help give me a little boost as I'm wanting to apply for a major CC through my CU soon. Any ideas on how much I might gain? TIA!

---

Were cards #1 through #3 at $0 before any debt paydown? No. I use them each month and pay them down before they report.

If so, your before overall util was at 61.7%. Your post-debt paydown (Congrats, BTW) is at 18.9% as mentioned. Do most of your accounts report $0 (assuming you had loans, paid or otherwise)? If so, if your util dropped by 40% overall, and if revolving util will report at 19%, and if there are no other accounts like LOCs or CO'd CCs factored in, and if all of the $0 balance accounts are open, and if util is listed as a top negative reason in your FICO report, then I'd hazard a guess of 40-45 points, give or take with most of the gain appearing on EQ.

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Thanks! I can't wait for them to report and see the score jump! Hoping to apply with my CU for a major CC and hoping to get a decent CL. Just wondered where this might put me after paying the 2 cards down that are left with a balance.