utilization quest

[creditchild]

hi myfico friends, i have a discover card with a 5800 limit and a amex with a lime of a 1000. i owe 5188 on discover and 400 on amex. im going to pay 2500 on discover and knock out the 400 on amex. should i expect a nice jump in score? thanks appreciate the comments and advice.

[Anonymous]

depending on what other card limits/balances you have. but it'll help that your discover isn't like 95% full and your amex isn't 40% full. depending on what's been reporting.

[Anonymous]

Utilization is 35% of the equation so yes, you should see a decent jump. That is assuming those are your only cards.

[Anonymous]

^ hence why i asked lol.

[Anonymous]

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@creditchild wrote:

hi myfico friends, i have a discover card with a 5800 limit and a amex with a lime of a 1000. i owe 5188 on discover and 400 on amex. im going to pay 2500 on discover and knock out the 400 on amex. should i expect a nice jump in score? thanks appreciate the comments and advice.

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Yes, it should help your score. If I were in your position, once the new score shows up I would be looking do decrease my UTI even more -either by asking for CLIs on my existing cards (If I haden't already), or by looking for another CC to "buffer" my UTI. This is in the event I was unable to pay down the current balances more, obviously. 

[NRB525]

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@creditchild wrote:

hi myfico friends, i have a discover card with a 5800 limit and a amex with a lime of a 1000. i owe 5188 on discover and 400 on amex. im going to pay 2500 on discover and knock out the 400 on amex. should i expect a nice jump in score? thanks appreciate the comments and advice.

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Usually, yes, however it also depends on where your FICO scores are now.

What are your MyFICO scores?

[creditchild]

my scores are 523 532 and 519