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i was asked to post this on the board becuase after i messaged a moderator...i would like some feedback from the members here...
if you max out yor cards....or if you utilize 70 percent of your credit limit, your fico will take a ding.
how many points do you think we will be dinged?
how long would it take to rebound?
if my FICO is 780 in january and i charge my card and utilize 70% of available credit and then pay that utilization back down to under 9% in a matter of 6 or 7 months, would my credit be back to 780 two or three months after the utlization is back to 9 %
FICO is based on a snapshot of your current credit at any given time.
Let's say your current FICO is 780. If you run your utility up to 70% this month, you drop to 700. Now let's say in 3 months you pay it all off and report 5%. You'll now be back to 780 once everything reports. Those are only example numbers, and every situation will be different, so it's hard to say how much you'll drop. I'm just illustrating that a FICO score is based on a snapshot, and not something that necessarily takes time to recover (with the exception of paying on time and AAoA).
+1
@Anonymous wrote:FICO is based on a snapshot of your current credit at any given time.
Let's say your current FICO is 780. If you run your utility up to 70% this month, you drop to 700. Now let's say in 3 months you pay it all off and report 5%. You'll now be back to 780 once everything reports. Those are only example numbers, and every situation will be different, so it's hard to say how much you'll drop. I'm just illustrating that a FICO score is based on a snapshot, and not something that necessarily takes time to recover (with the exception of paying on time and AAoA).