@Anonymous wrote:
Well I paid Down my credit cards
Credit one 400 to 35.00
Orchard bank 300 to 33
Sears HSBC 400 to 146
I paid a judgment 2200
That's all I did
Thanks
That's Awesome, Congratulations!!
I just wanted to share a little info with you (what you have done by paying down your balances is great) however, FICO not only scores you on overall util but you are also scored on "Accounts with balances" If you were to pay all of your credit cards to 0 and leave a small balance on one CC of 1-9% of it's CL, your score would go up even higher (how much is unknown, but I'd speculate, that it may put you close to 700, again just speculation)
FICO will reward you with your highest score when you only have one CC reporting with a balance of 1-9% of it's CL, that's what we call "Maxing" your scores.
If you only have those three CC's you listed above, the Credit One, Orchard and the Sears HSBC, you have 1,100 total revolving credit, I'd pay the Sears and Credit One to 0, and let the Orchard report the 33 balance, this way you will only have one CC reporting a balance that would put you somewhere around 4-5% revolving util, and you may be surprised by the increase in points you see.
I must say this tho, everyone will experience different results, but it is almost 100% certain that you will see an increase to you score if you follow this advice.
If you can, give this a shot and see what kind of gains you will see.
Wishing you the Best.
