Reply
Regular Contributor
ApexdvToo
Posts: 232
Registered: ‎06-01-2012

Real World Example of Util/TL/Baddie v/s Score

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! :smileyhappy:  Ok, I've finished babbling.  These results are mine and YMMV but I would imagine they are typical.

 

Cheers!


Starting Score 4/15/2012:579 Ex-FAKO, 572 Eq-FAKO, 546 TU-FAKO (all were sub-500 in 2011)
FICO as of 3/08/2013: 627 EQ, 647 TU
FAKO as of 3/23/2013: 638 EX, 652 EQ, 648 TU
Goal 1: 600 FICO achieved 10/2012!, Goal 2: 650 FICO Across the Board - Let's take Baby-Steps!
**Amex Optima $1.3k, GE/CareCredit $1k, CapOne Secured $900, Barclaycard Rewards $500, CapOne Rewards $500, Citi/Shell $200**
Seedling Garden Club Member - Last App: 03/18/2013 - Goal: No apps for One Year: 3/18/2014
Contributor
tbolt2
Posts: 84
Registered: ‎03-11-2011

Re: Real World Example of Util/TL/Baddie v/s Score

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.


Starting Score: 534 11/09
Current Score: FICO 652 05/11
Goal Score: 700+


Take the FICO Fitness Challenge


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+