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Last month I was able to lower the balances on two of my credit cards to less than 6% of utlilization, while a third (BoA) was sitting at 39%. When the third card reports next week, the balance will be zero. If I continue to keep the first two cards at less than 10% of utliization while the BoA card remains at zero, should I see a nice bump in my score? I'm trying to reach 680 for a mortgage. I currently have a 632 FICO score (middle and lower). My top score is 689.
What was your utilization on the cards with the scores you quoted. I am game to guess the effects.
This has occurred since Sept. 1:
Card 1: Balance went from $110 ($250 limit) to $18 (no score increase) - Creditor reports on the 2nd of each month
Card 2: Balance went from $199 ($200 limit) to $5 (and limit increase to $300) - EQ increased 13 points; EX increased 15 points; TU increased 4 points; creditor reports on the 5th of each month
Card 3: Balance has gone from $521 ($1337 limit) to zero. Creditor is expected to report Sept. 14.
Sorry still didn't answer which balances the scores quoted in original post included and didn't include.
One card I've had for 10 years and the other two I've had for less than three months.
Here's my attempt to answer your question:
Scores on 9/7:
TU: 632
EQ: 632
EX: 689
Balances on those reports:
Capital One: $5 ($300 limit)
Capital Bank: $18 ($250 limit)
BoA: $521 ($1337 limit)
August 15 scores:
TU: 623
EQ: 597
EX: 662
Balances on those reports:
Capital One: $199 ($200 limit)
Capital Bank: $110 ($250 limit)
BoA: $521 ($1337 limit)