For people without bad derogs on their reports, revolving util can easily be the biggest drivers of their scores, triggering wild swings. The good news is that it's the element over which a consumer has the most control. Assuming that the consumer has money available to pay down the balances, that is... 
@haulingthescoreup wrote:For people without bad derogs on their reports, revolving util can easily be the biggest drivers of their scores, triggering wild swings. The good news is that it's the element over which a consumer has the most control. Assuming that the consumer has money available to pay down the balances, that is...
100% true. My scores went up 40 points in one month when I paid almost 90% of my balances!
Starting Score: EQ 737--TU 742
@joestay wrote:Okay, so I just check my fico score from equifax and because of the high utilization, my score dropped to 704. That's a 22 point drop with they took into account my overall utilization of 40% from all credit account. Man, this is not good. I'll check again in a month after they update my new credit limit and new % utilization, which is under 5% now.
You know, you can just call them and request they update with the CRAs now, rather than after the next stmt cut.
@TangMeister wrote:
@joestay wrote:Okay, so I just check my fico score from equifax and because of the high utilization, my score dropped to 704. That's a 22 point drop with they took into account my overall utilization of 40% from all credit account. Man, this is not good. I'll check again in a month after they update my new credit limit and new % utilization, which is under 5% now.
You know, you can just call them and request they update with the CRAs now, rather than after the next stmt cut.
True, but unless the OP is going to apply for credit before they next update it it really doesn't serve any purpose. Just let it update next month and make a note in the future to keep your balances down when the CC's report. Micromanaging your score might be a fine activity, but it can be overworked.
@joestay wrote:
Okay, so I just check my EQ score again today and I'm back up to 740 now. My new 5k CL has reported and my utilization on revolving is less than 1%. I went from 704 to 740 just because of that. This is a huge difference.
@joestay wrote:Okay, so I just check my fico score from equifax and because of the high utilization, my score dropped to 704. That's a 22 point drop with they took into account my overall utilization of 40% from all credit account. Man, this is not good. I'll check again in a month after they update my new credit limit and new % utilization, which is under 5% now.
That's great!