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How quick, and by how much, will my score go up if...


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...I pay down about 1K of principal over 5 cards each with around a 5K limit, currently almost all charged up?

Last I checked my credit scores, I was at 658 with Transunion (as of last night actually), 618 with Experian (as of last month), and 620ish with Equifax...

I'm also thinking about the bi-weekly minimum payment method, sounds good, but I have yet to find out which creditors will allow this...

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So if my utilization goes from something like 70-50 no one can guess whether it might be something trivial like 5 points at the low end, or something like 50 at the high? Surely someone here who keeps meticulous track of their scores must have some sort of perspective? :D

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Nope b/c FICO scoring doesn't work that way...and no one here can tell you how many points one can gain/lose for specific credit activity. There are too many components to the scoring model and history plays the largest part. If consumers knew (approximate) point values for certain credit behaviors, then purchasing the score wouldn't be necessary (just how FICO wants it).

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That's not really the point, or really what I'm asking. I believe it's the Experian website that has a tool whereas you can adjust/make certain assumptions. One of the variables is if you were to pay x off your revolving accounts, your credit score might look like this from this. I'm not asking for anything with a high level of precision, quite the contrary, just wheter or not it makes a significant impact, or little. I'm SURE there are people on here who monitor their scores religiously, and can say something like, "My credit score went through the roof by just paying down my balances by....", OR, "Damnit, I dropped the balances on my revolving accounts by xxxxx, and it barely changed my credit score..." that sort of thing...

In addition, I've been told, or read somewhere (might have even been on this site), that one of the quickest ways to raise your credit score to some extent, is to pay down balances and drop your utilization percentage... So somebody must have some input somewhere.

:)

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Hi Zwiepak,

According to my Fico and all of the simulations that I have run and what I have read, I believe that it would be to your best advantage to pay down your balances and drop utilization. BUT just a lump sum payment is not going to help considerably to your scores. Those simulations take into account payment history and the GOOD history that you are accruing by making faithful payments.

According to THE BOOK, one of the best and quickest ways to raise your score is to add yourself onto someone else's account as an authorized user; that way you will get the history of the account, low utilization (hopefully the account you use will be low) and timely payments.

I have done this but I am also waiting for it to be added to my CR so I can't tell you how much it will affect me. I have read somewhere on this board someone's score shot up 70 points. But I am sure it depended upon the type, limit and utilization of the account they added.

But like the others say FICO is very unpredictable, for example, I have read on the board where people's score shot up because of CO's being deleted somewhere in the range of 20-50 points. I just had 2 CO's deleted and my score raised a whopping 7 points. That just goes to show you how unpredictable all of this is. It is a very frustrating process, I know and I wish the best of luck to you! :D

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Thanks, that was, more or less, amongst the lines of what I was looking for. The reason I want/ed to know is that it's part of a greater strategy to lower my CC debt. I'm at the brink of a bad situation, and have got to stop it NOW. Basically, I've never been late with anything, nothing ever charged off, or in collections (as of yesterday, a 658 with equifax, and today I found my experian score at 693, so they're respectable scores, but far from great, and I could lose it all REAL easy), but for the first time, I've found myself just barely able to make the minimum payments on my CC's. The reason I want to get a ball park idea, is the quicker I knock my score up, the quicker I can get cards with 0% intro rates and start transferring balances around, and start paying this CRAP down. I've learned my lesson well with CC's, I'm dumping all but one or two when all is said and done.

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