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!!
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.
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.