Should my CS jump after this? V. Paying of multiple CC's at once.

[Anonymous]

This november I have paid off approx. $4000 worth of credit cards down to $0. I have 6 reported cards and am paying off 5 of them. The last  non paid off one has a balance of $2600 with limit of $4525.  The amount I paid off is around $4000. MOst were nearly maxed out. After these all clear off at $0 my total ratio will be $2500/$11775.

I have one inquiry on my FICO reports and average history is at 3.5 years or so with highest being 5.5 years. One negative that was 30 days late exactly 3 years ago. Also have 2 car loans with perfect history.

Current scores without everything paid off except one that had cleared:

MYFICO EQUIFAX: 678
MYFICO TRANSUNION: 679
USAA EQUIFAX: 695
USAA TRANSUNION: 702
USAA EXPERIAN: 689
CREDITKARMA.COM: 684

My question is do you think I will get 720+ with most of my cards paid off? Thanks for your time and help!

JBrown

[Anonymous]

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@Anonymous wrote:

This november I have paid off approx. $4000 worth of credit cards down to $0. I have 6 reported cards and am paying off 5 of them. The last  non paid off one has a balance of $2600 with limit of $4525.  The amount I paid off is around $4000. MOst were nearly maxed out. After these all clear off at $0 my total ratio will be $2500/$11775.

I have one inquiry on my FICO reports and average history is at 3.5 years or so with highest being 5.5 years. One negative that was 30 days late exactly 3 years ago. Also have 2 car loans with perfect history.

Current scores without everything paid off except one that had cleared:

MYFICO EQUIFAX: 678
MYFICO TRANSUNION: 679
USAA EQUIFAX: 695
USAA TRANSUNION: 702
USAA EXPERIAN: 689
CREDITKARMA.COM: 684

My question is do you think I will get 720+ with most of my cards paid off? Thanks for your time and help!

JBrown

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Yes, your scores will very likely go up.  Past 720?  I don't know.

I've slowly been paying off some credit card debt as well.  Back in August I was at 23% total utlization, most of it was on one card (that card was at 63% utilization).  At that time my FICO EX was a 713.  A few days ago I got an EX from AMEX and it was 738.  On the day that the score was dated, I had a total utilization of 11.6% with balances reporting on 3/5 of my cards. 

[Anonymous]

Yeah I was slowly paying off by basically minimum and this month I paid all of these off all at once. Just hoping to get 700+ so I can get top tier credit next year when I get a new car (planning to lease)

I am completely obbsessed with paying these things off, and I am currently deployed making extra money and saving money on bills hence why I am paying them off all of a sudden. Feels so good to pay them off.

3 or 4 of the cards were at 80%+ util now at $0, so I think that should help. I guess only time will tell.

[Anonymous]

This same question and two related quest.

1.  Will paying off my credit cards help?  FICO score was 715 experian and my wife's similar.  Both of us had 50+ utilization on high balances in credit cards.  I paid off one joint credit card and my Experian Plus or Vanguard jumped up 16 points (I'm still above 25%) and hers jumped up 30 Vanguard points.(5% ultilization).

2.  Why hasn't MyFICO sent me notice that my score has gone up?  The FICO should go up more than my Vanguard Score.  High credit balances (I think) count more under FICO and I am paying to told about changes.  Is it possible that my FICO EX score has not gone up?  That would be an unmitigated disaster.   Or Is this this something that MyFICO does not tell me about -- even though it has a big weighting in the FICO score?

3.  I have paid off my other high balance and on Dec 2 the card company will report that.  Dec 3-4 is a weekend. Experian will record it on my account balance the 5 or 6 and change my VANGUARD score the 7 or 8th.  Can I expect that the FICO will go up at about the same time?  Will that be reported to me?  

I have two more already paid reports coming to me from MyFICO and the free one.   But I want to save them to start checking everyday when I expect the FICO scores to be up. Then I'll go the bank I've chosen and let them do the hard pull.

.

[llecs]

What's the before overall util? The after util is 21%.

[Anonymous]

Before util was around 60% or so

Main imrpovement is that most of my cards were near max.

2500/4525

866/1000 PAID

805/1000 PAID

815/2200 PAID

700/750 PAID

0/2300

701/$0 (closed account) PAID  (been closed for year+, will this help a lot since it's paid off now)

[Anonymous]

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@"Jbrown7815 wrote:

"Current scores Without Everything paid off except one that had cleared:

"MYFICO EQUIFAX: 678
MYFICO TRANSUNION: 679
USAA EQUIFAX: 695
USAA TRANSUNION: 702
USAA EXPERIAN: 689
CREDITKARMA.COM: 684"

End quote.

Something I learned the hard way.   Do you know that the USAA scores are called Vanguard or Plus?  As far as I can tell they are totally irrelevant unless you are getting the morgage from USAA.

The MyFICO scores are irrelevant to USAA, but they are what counts with most banks.

You probably know this already

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[Anonymous]

Yeah I know, I just like to be able tp refresh daily and I also keep a spreadsheet of all the scores and how they correlate.

[llecs]

I'd guess 25-35. I bet if you paid util below 10%, you'd see 50-60. I'd guess that most of your points will appear on EQ than TU. This is a guess based off FICO scores. 

[Anonymous]

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@llecs wrote:

I'd guess 25-35. I bet if you paid util below 10%, you'd see 50-60. I'd guess that most of your points will appear on EQ than TU. This is a guess based off FICO scores. 

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Ok thanks Llecs! I'll post once all the changes post.