Someone stop the room from spinning!!!

[haulingthescoreup]

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@Poohbear wrote:

Thanks again hauling....we have done something major, we paid all our cc down to 50% util in Nov. and plan on 25% more this month and the balances in Jan. We are also going to dispute errors on our collections. We are hopeful this will give us a decent jump in credit scores.

What was this I read that for every 10% util paid down it is an increase in 10-15 credit score points? Is this true? that would be amazing!!! Can anyone confirm this? Thanks everyone this forum is so helpful.

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That's a great reduction in your util! Once you pull scores again, please post them here. We all get a nice goose to our credit batteries when we read about other people's successes. That's the great thing about util: if you have some cash, it's the fastest impact on your scores, and you can control it, unlike trying to get erroneous info off, begging for mercy, and so forth.

I don't think you're going to see a direct correlation between util drop and score points, because there are so many other factors involved in your scores, including your "score bucket", which is your credit peer group. From what I can tell, the scoring breaks come at under 5%, under 10%, under 30%, under 50%, and under (I think) 85%, which equals maxed out. So you're hitting two biggies already: under 50% with your current paydown and under 30% with the next round.

I was already at 3-4% util and paid everything off except for a $7 balance on one card, and my scores increased 7 pts - 20 pts - 2 pts. The 20 points on TU was because I had only half of all my open accounts reporting, including mortgage, student loan, and a home equity line of credit. TU LOVES it when half or fewer accounts have balances!

By the way, the operative word is "under", as in 4%, 9%, 29%, and so forth.

Nice work in bill-paying land! You have given yourselves a great Christmas present.

[Poohbear]

Hauling......heres what we have thus far in this "game"...BEFORE we paid down our cc's to 50% we were at 98% util and here were our scores:

Mine  TU 639 (FAKO) EQ 635 (FICO) EX 635 (FAKO)

DW   TU  586 (FAKO)  EQ 568 (FICO) EX 545 (FAKO)

this was before we  knew our  TC and EX were FAKO

AFTER first round of paying cc's down (not all currently reporting at 50% though?!)

Mine   TU 669 (FAKO)  EQ 661 (FICO)  EX 664 (FAKO)

DW    TU 626 (FAKO)  EQ 620 (FICO)  EX  636  (FAKO)

NOW after pulling all of our real FICO's (we don't know our true FICOs from before because we didn't know we were pulling FAKOs)

Mine    TU 649  EQ 661  EX 631

DW     TU 626  EQ 620  EX 636  (FAKOs matched her FICOs)

this is without all CCC reporting updates!  So far so good?!

I will contiue to give updates as I get them!!!

Hey, I have a new question for anyone....do CRA update on weekends?  Just a little observation I had recently..our scores have never moved on the weekends..we see our activity Tues-Fri?!?!?!

Thanks