scoring question

[Anonymous]

I did a simulater on paying off all my cc debt on 3 of my cc's. Depending on the bureau, it said it would go up as much as 30-50 points, does that sound right? Currently I am at 40% usage and want to pay it down to at least 9% if not all the way. I have a check coming in a week and I plan to pay them down, do you think it will impact it that greatly?

[haulingthescoreup]

Do you have any baddies? If not, and your only negatives are short history and high util, then that could very well happen.

For three cards, your best bet will probably be to have 2 report $0 and 1 report 1-9% (one card needs to report something.) To control what's reported, you can use them as much as you like through the month, as long as you PIF online several days BEFORE they're due to update, which is generally on their statement dates.

[RobertEG]

The FICO sim does not tell you the immediate impact of reduction of % util, it factors in account aging and timely paying gains in other FICO categories.

Paying from 40% to 10% will probably net you an immediate 15 pts, but not much more.

[haulingthescoreup]

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tebs78 wrote:
I did a simulater on paying off all my cc debt on 3 of my cc's. Depending on the bureau, it said it would go up as much as 30-50 points, does that sound right? Currently I am at 40% usage and want to pay it down to at least 9% if not all the way. I have a check coming in a week and I plan to pay them down, do you think it will impact it that greatly?

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Since you're listing three scores, I'm guessing that these are not FICO scores. Consumers haven't been able to purchase their FICO's since this past February 13.

If the simulator is from another site, there's no telling what will happen with the scores, since they're FAKO scores, and we don't know what drives them.

In general, getting from 40% down to 9% or less and having only one card report a token balance will help your FICO's. The amount of change depends on what else is going on with your reports. As I said, the cleaner the reports, the more zoom you can expect from reducing your util.

[Anonymous]

I bought the two scores off myfico.com and the other from experian. So not sure what scores I got. I also simulated if I paid them all OFF, but I read some where you should keep some utilization on them.......I would like to get my credit score in the 700's. I have had the CC's for 1 year.

[haulingthescoreup]

Then your EQ (Equifax) and TransUnion are FICO's, and the EX (Experian) is FAKO, plus any advice or simulation that comes along with it.