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Paid Util Down from 83% to 16% - Score Increase Guesstimates?

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LifeSAVERS
Regular Contributor

Paid Util Down from 83% to 16% - Score Increase Guesstimates?

Happy Halloween Everyone! Robot Very Happy

 

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!

Message 1 of 15
14 REPLIES 14
Anonymous
Not applicable

Re: Paid Util Down from 83% to 16% - Score Increase Guesstimates?

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.

Message 2 of 15
Anonymous
Not applicable

Re: Paid Util Down from 83% to 16% - Score Increase Guesstimates?

Awesome paydown. Score increases no idea.
Message 3 of 15
LifeSAVERS
Regular Contributor

Re: Paid Util Down from 83% to 16% - Score Increase Guesstimates?

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.

Message 4 of 15
Anonymous
Not applicable

Re: Paid Util Down from 83% to 16% - Score Increase Guesstimates?

Drop another 7% to 9% and you'll be in a good area. 

Message 5 of 15
LifeSAVERS
Regular Contributor

Re: Paid Util Down from 83% to 16% - Score Increase Guesstimates?

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?

Message 6 of 15
Pigeyex
Frequent Contributor

Re: Paid Util Down from 83% to 16% - Score Increase Guesstimates?

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

_________________________________________________________

2007 - 2010 low point: mid-500s

With the help of myFICO community, now: 714 EQ FICO

"At the end of every hard-earned day, people find some reason to believe." (Bruce Springsteen)
Message 7 of 15
LifeSAVERS
Regular Contributor

Re: Paid Util Down from 83% to 16% - Score Increase Guesstimates?

Thank you that is also a great idea, although as I recall from their score simulator, that it gives you based on overall UT % and formulates inclusive of all UT combined with a combined figure reduction in debt. It also may be that the different algorithms used handle UT % differently. That will be interesting to see how the 3 CRAs, CK, CS, Barclay, Walmart and Capital One all report their score changes.

I will update what occurred with mine around the 24-27th of Nov, when all have reported and overall UT is 9% with 1 reporting at 40%...than see what happens the following month (Dec) with 1 Reporting at 9%.. Would be cool to see 2 "BIG" score jumps! 😃
Message 8 of 15
LifeSAVERS
Regular Contributor

Re: Paid Util Down from 83% to 16% - Score Increase Guesstimates?

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

 

Message 9 of 15
Anonymous
Not applicable

Re: Paid Util Down from 83% to 16% - Score Increase Guesstimates?

My score went up 102 points when I went from 97% utilization to 15%
Message 10 of 15
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