Comments on: FICO Score After Unloading 25k in Debt http://www.getrichslick.com/fico-score-after-unloading-25k-in-debt/246/ Getting Rich Slick® has never been so easy... Sat, 28 Jan 2012 05:13:05 +0000 hourly 1 http://wordpress.org/?v=abc By: RichSlick http://www.getrichslick.com/fico-score-after-unloading-25k-in-debt/246/comment-page-1/#comment-2065 RichSlick Wed, 25 Apr 2007 18:20:04 +0000 http://www.getrichslick.com/2007/04/22/fico-score-after-unloading-25k-in-debt/#comment-2065 That's a good question Greg. I think the account I closed was about 6 years old but I do have accounts that are 10+ old still open so the question becomes: Does it matter if an older card is closed as long as it's not the oldest card? I'm eager to see what happens but it'll take 30 to 45 days for it to show up. That’s a good question Greg. I think the account I closed was about 6 years old but I do have accounts that are 10+ old still open so the question becomes:

Does it matter if an older card is closed as long as it’s not the oldest card?

I’m eager to see what happens but it’ll take 30 to 45 days for it to show up.

]]> By: Greg http://www.getrichslick.com/fico-score-after-unloading-25k-in-debt/246/comment-page-1/#comment-2001 Greg Wed, 25 Apr 2007 02:43:11 +0000 http://www.getrichslick.com/2007/04/22/fico-score-after-unloading-25k-in-debt/#comment-2001 The increase is in line with what I have heard- with one of the biggest score increases coming when you go from 50% to under 30%. The Closing The Card experiment has many more variables. For example, how old is the card? If it's your oldest account, it might hurt more due to oldest age and average age,etc. The utilization increase is just one aspect and that should be around 33%. If >30% is significant, we might see that. The increase is in line with what I have heard- with one of the biggest score increases coming when you go from 50% to under 30%.

The Closing The Card experiment has many more variables. For example, how old is the card? If it’s your oldest account, it might hurt more due to oldest age and average age,etc. The utilization increase is just one aspect and that should be around 33%. If >30% is significant, we might see that.

]]> By: Rich Slick http://www.getrichslick.com/fico-score-after-unloading-25k-in-debt/246/comment-page-1/#comment-1891 Rich Slick Mon, 23 Apr 2007 14:10:57 +0000 http://www.getrichslick.com/2007/04/22/fico-score-after-unloading-25k-in-debt/#comment-1891 I think my credit score was about 767 BEFORE I started on any Arbitrage deals and dropped down to 725 after I did the second 25k. I should add that I don't have any car loans or any other debt other than one mortgage. I think my credit score was about 767 BEFORE I started on any Arbitrage deals and dropped down to 725 after I did the second 25k.

I should add that I don’t have any car loans or any other debt other than one mortgage.

]]> By: broknowrchlatr http://www.getrichslick.com/fico-score-after-unloading-25k-in-debt/246/comment-page-1/#comment-1889 broknowrchlatr Mon, 23 Apr 2007 12:37:30 +0000 http://www.getrichslick.com/2007/04/22/fico-score-after-unloading-25k-in-debt/#comment-1889 Your score will probably take a slight hit. Maybe 10-15 points To think your score will go up by dropping $25k in debt would be to assume that the score takes into account the total credit line. If it did, you would have taken a big hit when opening those lines. I recently got a new credit card and went from 2 cards ($13000 - $2500 used, $10000- 0 used) to 3 cards (same + $7500 - o used) and my score went up. So, making th opposite move would decrease the score. Your score will probably take a slight hit. Maybe 10-15 points

To think your score will go up by dropping $25k in debt would be to assume that the score takes into account the total credit line. If it did, you would have taken a big hit when opening those lines.

I recently got a new credit card and went from 2 cards ($13000 – $2500 used, $10000- 0 used) to 3 cards (same + $7500 – o used) and my score went up. So, making th opposite move would decrease the score.

]]> By: debt sucks http://www.getrichslick.com/fico-score-after-unloading-25k-in-debt/246/comment-page-1/#comment-1881 debt sucks Mon, 23 Apr 2007 08:37:27 +0000 http://www.getrichslick.com/2007/04/22/fico-score-after-unloading-25k-in-debt/#comment-1881 Yikes! Wish my fico was that high! I used to have a 709...now I'm under 500! Oh well, I won't be buying anything with credit anytime soon anyway. It's amazing how much fico seems to really lean on credit utilization in its scoring. A maxed out line can really kill your score and your post here just demonstrated that. wish I had never learned about the whole credit score thing! got me into quite a bit of trouble! (I have over 300K in debt now. yeah, lame) Yikes! Wish my fico was that high! I used to have a 709…now I’m under 500! Oh well, I won’t be buying anything with credit anytime soon anyway.

It’s amazing how much fico seems to really lean on credit utilization in its scoring. A maxed out line can really kill your score and your post here just demonstrated that. wish I had never learned about the whole credit score thing! got me into quite a bit of trouble! (I have over 300K in debt now. yeah, lame)

]]>