Credit Score

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So in 3 months, my credit score went from 750 to 586. I have always been told it takes a long time for credit to go up and down. I have no negative items on my credit report, I just have 6/8 cards maxed out because of Christmas. My question is if I pay off these cards completely, will my credit score go back up to 750? Yes I reviewed my credit report. The only problem on it was the high balances. I went from owing about $1000/$6000 to owing $5000/$6000. How long will it take to get my score up again?

Best Answer

Try to pay as much as you can and FICO will rise over time. You can also ask your credit card companies to increase your credit limit and lower APR.

I have a line of credit for 3,000.00 which I currently owe 2,600.00. I have a capital one card in which I have 3,000.00 credit line. Last week I transferred 1000.00 to my cedit line which I currently owe 1,600.00 and I now owe 1,100.00 in my capital one card. Will this boost my credit score. I currently have a 669 FICO. If so, how many points and how long will it take to boost my credit. I am home shopping and one of the lenders who gave me a good faith estimate advised me to do this since my revolving account was too high. Thanks

Best Answer

It should boost it immediately for reducing your debt-to-credit ratio, but not by much. It all depends on the rest of the things on your report, but you can expect 25 points or so.

Hi All! I had a quick question.....my husband and I have a Providian Visa credit card and on the website after I log in under my account there is a section that is from FICO, and this is what it says: FICO® Credit Score Last updated: Apr 2007 Source: TransUnion It says our credit score is 735. I was wondering how legit FICO is....and if this is a pretty good estimate of what our credit score would be if it was pulled by a major credit bureau (such as Alliance credit that pulls from Equifax, Experian and TransUnion all together). I am wondering this because my husband and I are in the process of starting to get pre-qualified for a home loan, and I didn't want to pull credit beforehand to check my scores and then have the company pull it AGAIN when they check them. I don't want too many inquiries, especially before we buy a home. Thanks!! :)

Best Answer

The Providian Visa fico tracker is mostly an estimate. To get a better picture of your real fico score you should go through the company that actually manages your credit score.. MyFico. There tracker gives you a much better estimate and I've been using it for the past year. I did the free trial but I liked it so much I bought the full year. Take a look:

How much will my credit score increase if I were to pay off 50% of my credit cards within a 2 month time frame? My current credit score is 568 and Im hoping to increase it to 700 :) Im planning on getting a car by the summer and I want a great credit score...

Best Answer

To go from 558 to 700 will take several months of good hard credit management. Pay your credit cards down to under 30% of your limit and keep them there. Use them for every day things, never exceed 30% of your limit and always pay in full before the due date. I did this with 2 credit cards and raised my score over 150-points in 12-months.

I'm sure you all have heard that people with poorer credit score file more claims, or not as good drivers. There is no such resources that anyone can see to prove this theory. We have to take the word of the insurance companies or the state. If there is such resource, please let me know. I have theory about credit score. 1) Insurance companies prefer people with better credit score because they are less likely to switch companies and shop around, hence worth more to the company. Funny, how when Colorado House rejected the ban on credit score, two insurance trade groups issued press releases, saying it was good for the consumers, yet they never talk to the consumers, they only represent the insurance companies. So we know using credit scores is good for insurance companies, but is it really good for consumers? What do you think? Can you tell me more about the data from choicepoint. What is the source of the data? They may have used data from choicepoint, but I don't believe choicepoint created the data to show people credit score affects your rate. I wasn't even aware choicepoint knows your credit score, or cares. Insurance commissioners in all 50 states have reviewed the data? First, are you sure credit score is used in all 50 states? Second, why would the vote be 17-26 in Colorado, did 17 people not see the data, or did they read it and think it was propaganda. I don't have bad credit, just thought it was an interesting question.

Best Answer

i agree 100%