topic Re: > 70% Util to < 10% Util - Impact on Score in Understanding FICO® Scoring

> 70% Util to < 10% Util - Impact on Score

TNTransplant — Fri, 26 Oct 2012 13:43:03 GMT

Hi All,

Just had to share, as I was so excited today when I got my EQ Fico score from M&T Bank.... score is now 749 !!! :smileyvery-happy:

When I started this journey in Jan, 2012 I had an overall revolving utilization of greater than 70%, and an EQ FICO score of 659. I had absolutely no negatives, so the score impact was all due to high utilization.

I have been obsessed with paying off revolving debt this year (around $20,000 so far), and with my new CSP reporting today my utilization has now dropped to 6% overall. Even with a balance reporting on 4 cards (all 0% now, by the way), that's a 90 point increase since the first of the year. I can't believe it! :smileyhappy:

Re: > 70% Util to < 10% Util - Impact on Score

bettercreditguy1 — Thu, 25 Oct 2012 10:23:18 GMT

Congrats, another sucess story! Less debt = Higher score. Why? you appear less risky to lenders and the computer model. Remember the Three P's. Pay in full EARLY, Pay on Time, and Patience. These are the silent motors that raise a FICO score.

Re: > 70% Util to < 10% Util - Impact on Score

llecs — Thu, 25 Oct 2012 15:59:58 GMT

Congrats...70% down = 90 pts for you which = less CC payments! Priceless.

Re: > 70% Util to < 10% Util - Impact on Score

Shogun — Fri, 26 Oct 2012 07:14:13 GMT

Very nice!!!

Re: > 70% Util to < 10% Util - Impact on Score

Jutz — Fri, 26 Oct 2012 15:08:25 GMT

Nice! And it wasn't all for your score now either, that's ALOT of freed up cash you won't be paying to CC companies anymore.

Re: > 70% Util to < 10% Util - Impact on Score

Shogun — Fri, 26 Oct 2012 15:54:43 GMT

Jutz wrote:
Nice! And it wasn't all for your score now either, that's ALOT of freed up cash you won't be paying to CC companies anymore.

+1000

Re: > 70% Util to < 10% Util - Impact on Score

Epcot — Sat, 27 Oct 2012 01:02:54 GMT

That's great, Congrats! I am on a similiar journey. Started with over 80% util and I am paying it down. I should be near 30% or so this month. Can't wait to see those balances update on my report!