you lose 1 point for every percent of your credit limit that you use.

[Anonymous]

Can anyone validate this claim? I got it from CNN.com
http://money.cnn.com/galleries/2007/pf/0705/gallery.credit_score/index.html

There is talk here about keeping utilization between 1 and 9 percent. Would it be ideal then to keep balances most like 1-2% utilization?

It seems like you get the max points for having the absolute lowest utilization possible, and every point you add subtracts one point from the possible points you can earn in a month.

That also brings me to another question, which is how many points is your Fico Likely to earn per month if your utilization stays 5% or below vs 10% and below if you have no lates or anything else?

[Anonymous]

bump

[fused]

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rifleman wrote:
Can anyone validate this claim? I got it from CNN.com
http://money.cnn.com/galleries/2007/pf/0705/gallery.credit_score/index.html

There is talk here about keeping utilization between 1 and 9 percent. Would it be ideal then to keep balances most like 1-2% utilization?

It seems like you get the max points for having the absolute lowest utilization possible, and every point you add subtracts one point from the possible points you can earn in a month.

That also brings me to another question, which is how many points is your Fico Likely to earn per month if your utilization stays 5% or below vs 10% and below if you have no lates or anything else?

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Yes, 1-9% is good but would 1-2% be better, I'm not sure. Maybe! No telling how many points though. FICO does not have a score for historical untilization%'s. What matters is your utilization% at the moment the score/report is pulled.

[Anonymous]

As far as I know, the "1 point for each percent" statement is untrue. Those who have graphed their FICO scores report that score changes tend to happen at certain utilization index points (10%, 30%, 50%, etc.). I haven't seen any confirmation that utilization changes "in between" (such as paying down from 29% to 22% utilization) have any effect on scores. Plus, if inquiries and new accounts are added in order to decrease utilization, the benefit of the utilization decrease will be diluted. I think the CNN story was just trying to create an oversimplified guideline.

Message Edited by Revike on 07-31-2007 12:16 PM

[Anonymous]

I'd say one point per percent of utilization is a good ballpark estimate, once you go over 9%.  Your actual point gain or loss will vary based on the rest of your credit report, overall age of credit accounts, on-time performance, and African swallow migratory patterns.

[fused]

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TheNewWorldMan wrote:

 African swallow migratory patterns.

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Ohhhh boy, you're at it again!

[Anonymous]

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TheNewWorldMan wrote:

, and African swallow migratory patterns.

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(start really bad Monty Python voice)

'ere mate, ow's e able ta hold is FICO scores an a coconut husk in is little claws?

(end voice over)

Message Edited by KevKaos on 07-31-2007 12:59 PM

[MidnightVoice]

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KevKaos wrote:

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TheNewWorldMan wrote:

, and African swallow migratory patterns.

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(start really bad Monty Python voice)

'ere mate, ow's e able ta hold is FICO scores an a coconut husk in is little claws?

(end voice over)

Message Edited by KevKaos on 07-31-2007 12:59 PM

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Not bad, not bad.  And that from someone who saw the first ever broadcast of a Python show with one of the Mrs. Pythons