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I paid down my credit card which took my total utilization from 42% to 0% and saw a boost of +12 points on my Equifax FICO score. That was the only change. Now sitting at 674.
Great job!
Awesome Congrats
That's great. I'm sitting at the exact same utilzation now, 42% of $20K available credit.
I paid it down to 3-4% 3 wks ago and am waiting for the updated CR's next week.
I'm hoping for a 20 pt boost, but I'll take 16 pts to get to the EQ 720 club.
Good job! DCU here we come!!
Ive heard that 1-9% is actually better per the fico scoring model then 0%...i would be curious if you charged something and left the percentage at 1-9 if it would actually go up
@tmobileguy wrote:Ive heard that 1-9% is actually better per the fico scoring model then 0%...i would be curious if you charged something and left the percentage at 1-9 if it would actually go up
I have the MyFico Score Watch so I'll tinker with it next month and get it to 5% util and see what that does to the score.
I dropped 7 pts on EQ after I purposely kept a $32 balance showing on my $700 Walmart account.
Not sure if showing a small balance is good or bad?
I'm itching to buy another TransUnion FICO score as the util has updated with TU now as well accoring to the free Transunion.com trial I have going...curious to see how dropping the util affected that score. It was 668 three days ago. Worth the $20 for a new score?
Mike - Once my SW EQ updated here wth my new accounts showing, I had to buy the TU report on myFico.
I couldn't take it anymore. Unfortunately, my TU dropped 23 whereas my EQ went up21 and then back down 12. But still, a 32 pt swing in the opposite directions between EQ and TU. Go figure?
Most will tell you it's not worth it, but I say do it. If a few bucks is the cost of learning and seeing how your score reacts to different circumstances, I say it's worth it.
@tmobileguy wrote:Ive heard that 1-9% is actually better per the fico scoring model then 0%...i would be curious if you charged something and left the percentage at 1-9 if it would actually go up
Depending on overall makeup, bucket ect ect.. you are pretty accurate..
My scores are always 6 to 8 pts higher around the board carrying 3 percent total... 0 balances on all cards but one, and 9 percent on that one card..
My scores were all higher than they were with 0 balances around the board, but minimal. The logic is, FICO is a predictor of future on time payments and default probablity... if you dont have usage of revovling, it feels it doesn't have enough solid data to gauge and dings yer score a little; since FICO is just a current snapshot. If your current snapshot shows no usage, it has a harder time with its math... minimal really.
-scott