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getting my score up quick

Slabenstein
Established Contributor

Re: getting my score up quick


@jduke wrote:

ok thanks ill check out the removing them section. I have talked to them though and tried to pay in full and nothing. Said it would report as paid I even tried to talk with a manager etc..

 

I agree with the 85% but it went from 633 to 598 after I paid a capital one card from $4400 balance the previous month to 500ish with a limit of $500. The 85% reports like 3-4 days after the capital one card and was already down before it went up. That is what's confusing me thought it would shoot up after the large decrease. 


If I'm following you, the situation you're describing is: You have a Cap1 with a limit of some amount that had a balance of $4,400, which you paid down to some lower amount.  You also have a card with a $500 limit, and you increased the balance to close to $500.  Is this correct?  If so, and if 1) the Cap1 card's limit was not close to $4,400 and 2) none of your other cards were close to 100% util, then this situation would have resulted in a score drop, even though your total balances decreased, because your highest individual utilization increased, possibly by quite a bit.


Message 11 of 24
jduke
New Member

Re: getting my score up quick

598 Experian...625 Trans...608 Equifax are current those are from my mortgage guy few days ago. They are also current on myfico as well under mortgage scores.

 

Interesting I've never heard the $0 and one very small balance. I thought if they were all under 10% was good. So they are all bank cards (capital one, chase, and discover 6 total) no department stores. I should pay all to report $0, and have one like $20?

 

Yeah, I can take care of the co but how can I tell if they are updating just by the last date reported?

Message 12 of 24
BrutalBodyShots
Super Contributor

Re: getting my score up quick

Paying down (but not off) a $4400 balance credit card would not cause a score drop under any circumstance under any Fico scoring model.  Even paying it off wouldn't result in a score drop so long as you still have at least 1 account (it sounds like you have several) that have non-zero reported balances.  If your Fico score dropped following a paydown on that $4400 balance, the drop was due to a different change on your CR.  If you take a look at your credit report today from a free source (Credit Karma, WalletHub, etc) and look at that account, do you still see the $4400 balance as being the current reported balance?  If so, your paydown is not yet being taken into consideration with the Fico score you referenced, as the algorithm is using the current reported data, which would be your old $4400 balance.  In short, it doesn't yet know about your balance paydown.

Message 13 of 24
Slabenstein
Established Contributor

Re: getting my score up quick


@jduke wrote:

598 Experian...625 Trans...608 Equifax are current those are from my mortgage guy few days ago. They are also current on myfico as well under mortgage scores.

 

Interesting I've never heard the $0 and one very small balance. I thought if they were all under 10% was good. So they are all bank cards (capital one, chase, and discover 6 total) no department stores. I should pay all to report $0, and have one like $20?

 

Yep, if you have the funds to pay down the balances, that's actually exactly what you should have reporting for a mortgage score pull.

 

Yeah, I can take care of the co but how can I tell if they are updating just by the last date reported?

 

I believe so, but I don't have any CO's on my reports to check.  Hopefully someone more knowlegeable can verify.  You'll probably need to pay them off regardless to qualify for a mortgage.  Independent of their score impact, mortgage lenders don't want to see any outstanding obligations that you haven't shown you can take care of (CO's, CA's, garnishments, etc).


 


Message 14 of 24
jduke
New Member

Re: getting my score up quick

I have a $12,500 limit... $451.30 balance last reported

$800 limit..last reported $37.58 balance

$4500 limit..last reported 560.73 balance

$4500 limit...419.30 last reported balance (capital one paid down was $4400ish previous month reported.

 

ran credit with mortgage

 

$800 limit...$741.36 last reported

 

that's basically last month's timeline.

 

I do have a mattress firm card that has like $750 limit that had a $0 balance for a few months now

 

Message 15 of 24
jduke
New Member

Re: getting my score up quick

the


@jduke wrote:

I have a $12,500 limit... $451.30 balance last reported

$800 limit..last reported $37.58 balance

$4500 limit..last reported 560.73 balance

$4500 limit...419.30 last reported balance (capital one paid down was $4400ish previous month reported.

 

ran credit with mortgage

 

$800 limit...$741.36 last reported

 

that's basically last month's timeline.

 

I do have a mattress firm card that has like $750 limit that had a $0 balance for a few months now

 



another bank card I was talking about is a secured card from my bank I got like 2 months ago I haven't even seen it report yet. $500 limit I think I've used like $80

Message 16 of 24
jduke
New Member

Re: getting my score up quick

So basically I need to pay off any updating(or all co's), and pay all cards to $0 if possible except one which I run at what percentage balance? Or just like $20-$50 on one of the larger ones?

Message 17 of 24
SouthJamaica
Super Contributor

Re: getting my score up quick


@jduke wrote:

I have a $12,500 limit... $451.30 balance last reported

$800 limit..last reported $37.58 balance

$4500 limit..last reported 560.73 balance

$4500 limit...419.30 last reported balance (capital one paid down was $4400ish previous month reported.

 

ran credit with mortgage

 

$800 limit...$741.36 last reported

 

that's basically last month's timeline.

 

I do have a mattress firm card that has like $750 limit that had a $0 balance for a few months now

 


A $741.36 balance on an $800 card is hurting your scores.

 

The other balance/limit combos you mentioned are all OK but your mortgage scores would be improved by getting some to zero.

Message 18 of 24
BrutalBodyShots
Super Contributor

Re: getting my score up quick

So it looks like about $1000 paid down across 3 of your accounts would zero 3 of them out.  That would be a great thing for your mortgage scores.

Message 19 of 24
jduke
New Member

Re: getting my score up quick


@BrutalBodyShots wrote:

So it looks like about $1000 paid down across 3 of your accounts would zero 3 of them out.  That would be a great thing for your mortgage scores.


yeah, I'm gonna roll with trying to get them all at $0 and one really small balance see what happens.

 

Thanks everyone for the info I really appreciate it 

Message 20 of 24
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