About 18 months post BK7 discharge and like most of us on this board, we pay a lot of attention to even the smallest change to our credit score. This month was an eye opener to how much credit utilization plays into your credit score as my score dumped and then jumped about 25 points in one moth.
My NFCU unsecured card - recently gradudated - was paid partially paid prior to the due date, but the statement cycled and it carried the balance reporting a 77% credit utilization. This wasn't the shocker. The shocker that my USAA cards - one with a $35 balance and another with $123 balance - had as much of an impact on my score.
Using Equifax scores below:
- 2/26/2018: Balance has decreased by $35 - +7 points (USAA)
- 2/26/2018: Balance has decreased by $123 - +7 points (USAA)
- 3/01/2018: Balance has decreased by $5,139 - +11 points (NFCU)
What action will I take? All my accounts are due on the 20th of the month and I plan on paying everything off a few days prior to make sure that the balance is as close to zero as possible. There is a lesson about paying off the full balance prior to the statement cycling to keep my utlization low.
I am sure this is probably 'duh' for some people, but wanted to share as I continue on my journey.
More about my history can be found here.
08/2016 - BK 7 - Filing
11/2016 - BK7 - DC
08/2019 - EQ716 // EX709 // TU687 (FICO8)
NFCU GoRewards (Unsecured) - $11,500 (Auto graduated 12/2017, CLI +$3K 8/2018)
USAA Platinum (Unsecured) - $21,000 (CLI 1K to 3K 1/2018, CLI +$6.5K 8/2018, +9.5K 8/2019)
USAA Cash Rewards (Secured) - $5,000
Nordstrom Retail Card (Unsecured) - $800 (CLI +$300 7/2018)
Credit One (Unsecured) - $1000
Amazon Store Card (Unsecured) - $3,800 12/2018
Chase Sapphire Reserve - Auth user (Unsecured) - $30,500 3/2019
