I just read another post that poked fun at how quickly a negative mark can effect your credit and how long it takes for the positive points to up your score. In all seriousness though, that seems pretty accurate! How quickly can improvement be seen in your score?
In my case, in the summer of 2010, my scores were all about 737. Last summer, after opening 2 store cards early in the year, my scores quickly dropped to 660! I have since paid off all but one of my debts/credit cards, my total use is at 57%, but as of yesterday, my scores are still at 660. What is it going to take to get back to the 700s. If I pay off the last card will my score still lag behind? My one concern is I know I will need a new car soon. I'd like to get my score
up again before I get an auto loan but I'm starting to feel like it will be 2017 before that happens.
I appreciate your input.
57% utilization isn't a pretty metric from a FICO perspective assuming you're speaking of revolving debt.
57% -> near zero is probably 700 right there assuming you have no derogs on your report, also you may get an additional bump around the one year mark on those new store cards and wherever your new AAoA transitions over a boundary. If you're looking for top tier financing, I'd take a hard look at where I was financially and how badly I need that car. and then see about airstriking the credit card balances.
For more tailored advice, I'd highly suggest posting your various tradelines and balances, and people can give you a better recommendation.
Current Score: EQ 670, Wally TU 700, EX 718