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Happy Halloween Everyone!
I have just paid my credit card UT down from 83% last reports to current UT of 16%, with next reporting from the 9th to the 23rd of November.
I am curious (ok...impatient) to know what kind of score increase I might see.
I will also be requesting early exclusion in November for a CO due to fall off April 2015 and hope to see a score increase from that as well.
Any guesstimates on what to expect the score to move up by with a big pay down of debt and with charge off removal? I will have paid off 9 open credit cards and only keeping one with a 10-16% balance. Perfect payment history 24 months.
Thanks!
ITs hard to predict the score increase because its depending what you have in your files. Everyone files are different, it may increase a bit or a lot no one know. But if you can get your UT down to 9% or < and everyone month it will increase for sure, but just dont know how much. Your best bet is to play around with the % carry over balance to see which % fit your file most. Some people get their score increase by having 1-4% carry over balance but some work best with 5-9% again depending on your file.
Last month I had my UT was 20%...this month I paid it down to 9% and it increase 22pt. Next month I will try to paid down to 4% to see if there any different. You just need to do some experiment with your UT reporting.
Thank you for the idea of "playing" with the UT %. It is true that the UT % and score fluctuations have not appeared uniform in any form of movement with the UT going up and the score going down previously . Previously this year, I have had the paydown of 1 UT (card balance) show an increase of 10 points, while another shows up 52 points (both with the same CL). Possibly the culmination of both is reflected with the larger point increase. Same scenario for UT increases and score decrease upon reporting.
As I have kept all the CC UT high for business inventory recently, I am looking forward to the next 30 days in the reporting of each card with 0 balances (some CC and some RC), I will post beginning with updates of UT and score movement as they occur.
Drop another 7% to 9% and you'll be in a good area.
Is best score increase to drop total UT to 9%, and that leaves the one card left with balance showing individually as 40% (the rest are 0%)? Or would the suggestion be to have a couple balances that net to the 9%, others at 0%, but none with a UT over 20% individually?
I subscribe to Experian each month, and I've found their "Score Estimator" tool to be almost exactly on target. I can put in what my credit utilization will be lowered to if I pay off my credit card balances, and it will estimate my score, and then when I in fact do pay them down to that, the score ends up almost exact.
I realize it's a FAKO and not a true FICO, but I'm thinking that the AMOUNT of the drop should be pretty close, I would imagine.
Pigeye
UPDATE:
11/9/2014 - First TL Payoff reporting
$2000 CL paid down $1797 to $0 - TL UT 88% to 0%
myFICO score change
640 to 642 up 2
Overall debt TLs $8850 - UT 83% decrease to 67% = 16% UT drop
myFICO score simulator states paydown of debt by $1797 = 14 point increase to 654