cancel
Showing results for 
Search instead for 
Did you mean: 

What kind of bump can I expect?

tag
Anonymous
Not applicable

What kind of bump can I expect?

Hey all!  I have REALLY learned a lot from reading all of your posts!  I have become a MyFico Forum addict!  Anyways....as most of you know (from my previous post) I have recently paid off all of my credit card debt (4300).  My current outstanding loans are as follows:

 

Mortgage-143k

Equity Line-19K

Auto-21k

Student Loan-8k

I have two medical collections  (1 on TU)  that I am in the process of HIPPA lettering and 2 30 day late payments one is from 7 years ago and the other one I am trying to get taken off (GW letter). 

 

I know I have to apply for another cc, but I need to wait for my FICO bump, my questions is, what do you think I can expect my score to increase to?

 

ALSO-- I have had a Target card and various Visa's that I have closed (I was stupid-it has been established).  Should I try a re-open one of those??  

 

I appreciate any response and look forward to hearing from you guys!

 

3/2/09-EQ:635 TU:636 

Message 1 of 5
4 REPLIES 4
Junejer
Moderator Emeritus

Re: What kind of bump can I expect?

Hi HMSN, it's hard to tell where your score is going to bump to, because of a couple of reasons.

1). You didn't state what your current score is:
2). You didn't tell us what your previous util was

IMO, it doesn't hurt to have the available credit, so if you are able to get those cards back open without a hard INQ, then I would say go for it.






Starting Score: 469
Current Score: 849
Goal Score: 850

Take the myFICO Fitness Challenge
Message 2 of 5
Anonymous
Not applicable

Re: What kind of bump can I expect?

Hey Byrd!  Sorry!!  My scoreis at the bottom of the post:

 

TU-636

EQ-636

EX-656 (just got Experian through my chase credit protection program)

 

I don't know how to figure out my Util.  I have seen the formulas people use, and I don't understand them.  This was my ONLY credit card debt.  TU is reporting my equity line as revolving credit, but EQ or EX aren't.  Does that help?

Message 3 of 5
Junejer
Moderator Emeritus

Re: What kind of bump can I expect?

It's a simple fraction. Your total credit limit is the denominator, and your balance ($4,300) is the numerator. Example--4300/5000=86%.

If TU is truly counting the HELOC in your util (you can find out for sure on page two of your myfico reports), then you need to add those balances and CLs into the fraction as well.






Starting Score: 469
Current Score: 849
Goal Score: 850

Take the myFICO Fitness Challenge
Message 4 of 5
haulingthescoreup
Moderator Emerita

Re: What kind of bump can I expect?

TU has always made it look as if it were counting my HELOC as revolving, but when they post my util, it's easy to tell that they really aren't.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.