My experience with utilization...and what can I expect now?

[Juniper117]

I've searched so much for real-life experiences w/ utilization and always found it helpful when I could see points people really gained at different points. Hopefully this will help someone else.

I have a few collections on each report. My last late payment was over 2.5 years ago, but I did have some doozies. I also have 3 defaulted private SLs. I just bought my EQ score, so I'm just showing that data. My TU score is higher.

Score was 568

My utilization was as follows, last week (total is 90%):

Citicard 2932/3500 (84%)

Credit Union secured card 1000/1000 (100%)

JCP 382/430 (89%)

Cap1 585/500 (117%)

I paid off all my cards, except for Citi, which I am keeping a smallish balance on.

Today, my score is 608, a 40 point gain!!

My utilization is still 39%

Citi 274/3500   (8%)

CU secured card 971/1000 (97%)

JCP 390/430 (91%)

Cap1 496/500 (99%)


So...obviously, paying down my overall utilization helped a lot, but it's still not low. And 3/4 cards are still virtually maxed out. My citicard balance will remain the same, but I have paid off all of the other cards in full. My total  utilization will soon be 5%.

What do you think I will see? A bigger, smaller, similar gain?

[LIGHTNIN]

Very nice post, I like post like yours seeing the cause and effect by a certain action.

I believe you'll see a jump in points as your Util decreases. I'm not very good at guess yet, so i'll let others reply to that.

[Juniper117]

I also wanted to mention this, in case it's helpful for someone:

When my score was 568, the score simulator said I would end up between 598-638 if I paid my utilization down to what it currently is. (It ended up at 608, so towards the bottom of that range, like others have suggested).

When I run the simulation with my current score of 608, it says I will get between 638-678.

I would be thrilled with a 640 so I can get USDA financing. Hopefully it will happen!!!

I will be sure to update. I may do a rapid rescore, so hopefully I will know by the end of next week.