11-30-2012 09:09 AM - edited 11-30-2012 10:04 AM
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.
1 inquiry - falls off 11/13
New account 11/12 already being reported
11-30-2012 09:58 AM
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.
11-30-2012 09:59 AM
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!
11-30-2012 10:28 AM
|Cap One||8/2006||$814||Pays account as agreed||open||$2000|
|Credt Onebnk||1/2006||$764||Pays account as agreed||open||$1050|
|Cap One||5/2006||$487||Pays account as agreed||open||$2000|
|Discover||11/2012||$0||Pays account as agreed||open||$5500|
|Amex||11/2012||$0||Pays account as agreed||open||$4400|
|Amex||11/2005||$0||Pays account as agreed||closed|
|Amex||8/2005||$0||Pays account as agreed||closed|
|Sudent loan||12/1999||$1,492||Pays account as agreed||open|
|Cap One||4/2011||$363||Pays account as agreed||open||$1050|
|Chase||5/2006||$0||Pays account as agreed||closed|
|Santander -car||11/2005||$0||Pays account as agreed||closed|
These are the accounts i have reporting with the open date, amount owed, status and the limit
11-30-2012 11:22 AM
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.