Out of curiosity!

[Anonymous]

Out of curiosity! When bringing down utilization, is a bump in fico score typical, if so would it be more than a point here a point there?   I still have one baddie from 2009 on Transunion and Experian but oddly all fico scores are very close together with 0 baddies on Equifax. I know this is a YEMV; I’m just looking for others experiences. Thanks!

And does a LOC as well as student loans reduce your AAOA? Have two semesters left until I get my Bachelors.

[Anonymous]

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@Anonymous wrote:

Out of curiosity! When bringing down utilization, is a bump in fico score typical, if so would it be more than a point here a point there?   I still have one baddie from 2009 on Transunion and Experian but oddly all fico scores are very close together with 0 baddies on Equifax. I know this is a YEMV; I’m just looking for others experiences. Thanks!

And does a LOC as well as student loans reduce your AAOA? Have two semesters left until I get my Bachelors.

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Any account is part of your AoAa calculation, so LOCs and student loans count.

As to how much your score will go down with lower utilization, that's impossible to know.  Depends on your overall credit file and how much the utilization dropped percentage and dollar wise.

[Anonymous]

Thanks Irish! I wasn't sure how installments factored in.

[gdale6]

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@Anonymous wrote:

Thanks Irish! I wasn't sure how installments factored in.

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Only OC accounts (Open & Closed) are included in your AAoA, CAs & PRs do not get included.

[Anonymous]

Forgive my ignorance but what is PR? Do creditors look at student loans differently? For example if I were to apply for a CC today and it goes into review, now I have to call for reconsideration. Would they say you have too many recently opened accounts (student loans)? I’m not sure if I’m explaining it correctly. I received an alert today from Experian, I log in and my Old Navy Visa utilization went from 21% to 0% resulting in a 9 point increase, not to shabby!

(***No I haven’t applied for anything***)

[gdale6]

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@Anonymous wrote:

Forgive my ignorance but what is PR? Do creditors look at student loans differently? For example if I were to apply for a CC today and it goes into review, now I have to call for reconsideration. Would they say you have too many recently opened accounts (student loans)? I’m not sure if I’m explaining it correctly. I received an alert today from Experian, I log in and my Old Navy Visa utilization went from 21% to 0% resulting in a 9 point increase, not to shabby!

(***No I haven’t applied for anything***)

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PR is public record (BK, Judgment, Tax Liens) are public records. SLs are installment loans so they are viewed differently than revolvers. Some creditors give them more weight than others, it also depends on whether you are making payments at this  time or if they are in deferrment. If you have to recon just be truthful as to what is shown on your CR.