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Score Just Broke 700 !! CC Util At 85%

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Whereis750
Regular Contributor

Score Just Broke 700 !! CC Util At 85%

Today I was alerted that myFICO TU score is now at 703 up from 634 a year ago, and the myFICO EQ score is at 690 up from 615 a year ago.   I'm so excited!!

 

Right now I'm working on getting my util down to 5-9% and getting all CC accounts, except one, to a zero balance.  My current util is at 85% - having such a high util, I didn't think I would ever break 700. 

 

Eventually I need to apply for a prime CC, but not sure if I should do it now or wait until util is down and more accounts show zero.  Thoughts?

Message 1 of 16
15 REPLIES 15
Revelate
Moderator Emeritus

Re: Score Just Broke 700 !! CC Util At 85%

85% is kinda high Smiley Happy

 

I'd wait, you'll get better approvals with a lower util almost guarunteed.




        
Message 2 of 16
rootpooty
Valued Contributor

Re: Score Just Broke 700 !! CC Util At 85%

def get that util down like way down. whats your aaoa? im guessing youve never had any lates too right? how many credit accounts do you have? you would def see another score bump if you got that util down

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 3 of 16
TNTransplant
Established Contributor

Re: Score Just Broke 700 !! CC Util At 85%

Definitely wait until your utilization is lower.  Prime cards DO NOT like high utilization, especially at your level.  I started at very similar scores/utilization ratios, and I personally (now that I know better) will not feel comfortable with applying for additional cards unless I'm below 9% utilization overall, and with only one card showing a balance.

 

Ask me how I know... Smiley Mad


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Message 4 of 16
Whereis750
Regular Contributor

Re: Score Just Broke 700 !! CC Util At 85%

According to myFICO, my oldest account is 11 years 8 months. 

Avg Age of Accts is 6 years.

 

Actually, I do have lates.  Two student loan accounts have lates in early 2008 and early 2009.  No other negative reporting.

 

 

 

Message 5 of 16
crunching_numbers
Valued Contributor

Re: Score Just Broke 700 !! CC Util At 85%

I know everyone will tell you to be under 10% util, but if you can get things down to like just under 30%, you will have a nice FICO bump and you could probably apply for one carefully selected prime card. Then, wait things out before you do anything else.


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (22.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (16.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Message 6 of 16
Walt_K
Senior Contributor

Re: Score Just Broke 700 !! CC Util At 85%

Agree that you should get your utilization down.  Remember, it's not just about getting approved.  With 700 scores, you might get approved, but with a very low CL.  It would be better to get your utilization under control, and then get approved with a higher initial CL. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 7 of 16
FrugalRican
Blogger

Re: Score Just Broke 700 !! CC Util At 85%

Get that utilization down first.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 8 of 16
Anonymous
Not applicable

Re: Score Just Broke 700 !! CC Util At 85%

Congratulations, I can't wait to see how that score shoots up when you lower your util!

Message 9 of 16
Whereis750
Regular Contributor

Re: Score Just Broke 700 !! CC Util At 85%

Thank you!  I just ran the myFICO Score Simulator and this is what it says:

 

For TU:   Best Action - Pay Down 90%-100% of Your Credit Card Balances - Over the Next 24 Months.  Simulated Score:   753-793

For EQ:  Best Action - Pay Down 90%-100% of Your Credit Card Balances - Over the Next 24 Months.   Simulated Score:  780-820

 

I'm in disbelief - never in my wildest dreams thought I could have scores in those ranges!  The knowledge you all have shared has really been helpful and is a main reason why I'm so far along on this credit journey!  Thank you again guys.

 

Message 10 of 16
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