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New Contributor
Brandnick
Posts: 85
Registered: ‎11-07-2012
0

Deep dive

[ Edited ]

I have two fold question

 

Presently FICO score is at 771 and my utilization is at 28% based on my personal calculation with my latest payments my utility should be around 18% when the CC reports to the 3 bureaus. Since it will report a 18% utilization i should expect to see a slight rise in my score not much I am assuming 5-7 score increase( my assumption).

 

My first question - once I get this slight increase and keep my utilization below 18% in the hopes to get to that soft spot of 1- 5% utilization what is the need for myfico score watch? The reason I ask is I don't expect do any apping for the next 12 months and I don't have any skeletons that might pop up on my credit report.

 

 

My second question - assuming i hit that soft/sweet spot of utilization and i get the expected bump in my score. would it be reasonable to expect to see a continued increase of my score due to AAOA after month after month. Or should i expect to see a more flat increase month to month. 

 

Note:

Never late

No baddies

1 inquiry - falls off 11/13

New account 11/12 already being reported

Current Score: 771 - 11/21/2012/ Amex Pull
Late Payment: 0 / Collections: 0
AAOA: 6.3 Years

"My Scores Yesterday or Last week or even Last month has no value when applying for credit today. The value is not in my score but the information in my credit file. Once the information is good the score will follow"
Community Leader
Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
0

Re: Deep dive

Most people (myself included) do note that there is a slight bump in score for being below 20% versus at 20% or more. And there is also a bump in score for being at 9% or below although you really have to play around to find the absolute sweet spot for your score.

 

The only reason to maintain credit monitoring is to ensure that no new negative information reports or to see that your creditors are reporting correctly. Just because you don't have any skeletons doesn't mean that erroneous information could not be added to your reports.

 

As far as point gains for Average Age of Accounts those occur on a much slower basis as it is such a small part of your overall credit score. I'm not really sure at what number of years the FICO algorithm rewards for AAoA. But your current score is great and should qualify you for anything you want that is within your DTI allowances. At some point all we are looking for is the nuts and cherries on top of the sundae.:smileyhappy:

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Deep dive

You may or may not see an increase, personally I could see a few points being thrown your way.  I've found the sweet spot to be around 9% or less.  As far as the rest, how many open TLs do you have?   As they age, you should see a few points here and there.  Sounds to me like you're gardening a healthy report though.  Good Luck!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Contributor
Brandnick
Posts: 85
Registered: ‎11-07-2012
0

Re: Deep dive

Cap One          8/2006$814Pays account as agreedopen$2000
 Credt Onebnk 1/2006$764Pays account as agreedopen$1050
Cap One          5/2006$487Pays account as agreedopen$2000
  Discover   11/2012$0Pays account as agreedopen$5500
  Amex          11/2012$0Pays account as agreedopen$4400
  Amex           11/2005$0Pays account as agreedclosed 
  Amex          8/2005$0Pays account as agreedclosed 
  Sudent loan                    12/1999$1,492Pays account as agreedopen 
  Cap One          4/2011$363Pays account as agreedopen$1050
  Chase           5/2006$0Pays account as agreedclosed 
  Santander -car   11/2005$0Pays account as agreedclosed

 

 

These are the accounts i have reporting with the open date, amount owed, status and the limit

 

 

Current Score: 771 - 11/21/2012/ Amex Pull
Late Payment: 0 / Collections: 0
AAOA: 6.3 Years

"My Scores Yesterday or Last week or even Last month has no value when applying for credit today. The value is not in my score but the information in my credit file. Once the information is good the score will follow"
Community Leader
Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
0

Re: Deep dive

One thing you could do to gain a few extra points is to pay a couple of accounts to a zero balance. FICO likes to see less than half of the accounts with a balance. You can utilize the credit all you wish, you just need to pay the account to zero a day or two before the statement date and then don't make any new charges until after the statement date. If you are trying to do this you just need to be aware of pending charges or recurring charges sneaking in between the time you pay the balance and the statement. But as I said above your credit score is really good and you are just going to be playing games to squeeze the last few possible points out.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge


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