Rebuilding Your Credit

[ApexdvToo]

Hi all,

Been busy with GWs (keeping up the faith in spite of multiple NOs) but as I see frequent questions about util-baddies-TLs v/s score I thought I would provide a 1-month example:

My scores have been steadily increasing 5+/- per month.  I've ensured my util is never over 9% during the entire process.  This month I became busy and waited 3 days too many on my CC payments and BOOM ... the accounts posted to the CRAs with approximately 25% util (not late, mind you ... rather, I simply missed my statement cut dates).  Guess what:

As of 1-Aug:

EQ-FICO = 605 with 9% util.

TU-FICO = 558 with 9% util

As of 1-Sept:

EQ-FICO = 598 with 24% util ... a 7 pt drop OH NOE!

TU-FICO = 599 with 24% util ... a 41 pt increase ... YEAH BAYBEEE!!

What changed?

Cap1 began reporting my new CC ($550 CL)

Made my payments *after* my statement cut dates thereby increasing my util from 9% to 24% <face palm>

Had a baddie adjusted on my TU: lates removed ... balance set to $0 ... account closed ... now reporting as "Never Late / Paid As Agreed"   WOOHOO!

Considering the above three factors, a new TL does make a temporary small ding but the increase in TL *can* lower your util and the removal of a single baddie *can* make a huge difference.  My next score pull on 1-Oct, I am hoping, should be quite nice!  Ok, I've finished babbling.  These results are mine and YMMV but I would imagine they are typical.

Cheers!

[tbolt2]

Almost a 50pt gain in one month:

Aug 1: Util   80%    EQ MyFICO   646

Sep 1: Util   20%    EQ MyFICO   694

The only other changes - addition of some inquiries, one new account with a 300 limit, and a drop of about 800 in installment debt - still over 30,000, so I don't think that made much difference. 

I paid multiple accounts off at the beginning of August., so there's been a huge drop in utilization and multiple accounts now have zero balances - where they will stay for the forseeable future.