I have a CapOne with a $1k limit and another card with a $2500 limit. The CapOne had a balance of $207 last month and now has a balance of $789. Other card (Wings Financial) is at $1900 or so. Yes, high utilization. However, I just got a SW alert that my score went UP 8pts today (due to an increase in a account balance) to 661! How would that happen if the utilization went up?
Don't get me wrong...I'm excited to be at the 660+ area because of what it means for a mortage loan, but just curious why the score went up. Also, I'm paying down the two cards to the 1%-9% utilization mark by the end of the month. I am planning on buying a house in early July and the FICO simulator gives me a minimum 40pt boost for the utilization decrease....700 club here I come!
A lot of times the reasons that appear on a Scorewatch alert are comically irrelevant. It's more likely that an account or a baddie had a birthday, or another of those quiet background changes.
Congrats on reducing the other util and the nice score jump!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit? FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007