Utilization rate reduction from 65% to 15%...how much of a credit score jump?

[Anonymous]

Hi all. I've slowly started rebuilding my credit up from the 540's in 2012 to 680's - 700 on the 3 FICO 08 scores. I am looking to lease a new 2015 HONDA CRV and Honda financial uses Experian...which is currently at 669. I have 5 credit cards with total credit of 11,200. My utilization rate was around 66% with 0 balance on 1 card and balances, some over 65% on the other cards. I just recently received an extra 3500 credit increase---soft pull--with capital one so now I'm at 14,700 in available credit. How much do you think a decresae from 65%-15% will bring about as an increase in my credit score? I'm also going to pay off 3 of the remaining 4 credit card balances so I will have 4/5 cc with a zero balance and I will keep 1 cc at about an 8% utilization rate. What kind of increase do you think this secondary step will have as well?

BTW I LOVE this board. There's sooooo much great advice!!!!  Thanks!!!!!

[gdale6]

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@Anonymous wrote:

Hi all. I've slowly started rebuilding my credit up from the 540's in 2012 to 680's - 700 on the 3 FICO 08 scores. I am looking to lease a new 2015 HONDA CRV and Honda financial uses Experian...which is currently at 669. I have 5 credit cards with total credit of 11,200. My utilization rate was around 66% with 0 balance on 1 card and balances, some over 65% on the other cards. I just recently received an extra 3500 credit increase---soft pull--with capital one so now I'm at 14,700 in available credit. How much do you think a decresae from 65%-15% will bring about as an increase in my credit score? I'm also going to pay off 3 of the remaining 4 credit card balances so I will have 4/5 cc with a zero balance and I will keep 1 cc at about an 8% utilization rate. What kind of increase do you think this secondary step will have as well?

BTW I LOVE this board. There's sooooo much great advice!!!!  Thanks!!!!!

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If your reports are clean with no derogs I would expect a nice bump for doing this and some more of a bump when the number of cards reporting goes to just 1 as well, you could end up over 700. There is no way to give you an exact number of points. Welcome to My Fico

[Anonymous]

If you are show your honda dealer oulls Experian (most due but some in the midwest pull equifax, and transunion in the sout)  660 on auto enanced is all you need for the best rate. IF the dealer is telling you otherwise, find another dealer....

you can not get you autoenhanced from here, as well as previous version of your score. I think honda doesn;t use 08 just yet

good luck!

[Anonymous]

Yup...here in NY they say they pull Experian. Unfortunately my auto score (now available with purchase of new reports on My Fico--except TU--not available yet.) on Ex is only like 645...bought a car in 2001..had some late payments but paid it off. There is nothing on my credit history regarding that auto loan. So I really need a few big bumps to get my Ex Fico over 700. Of course before any of these score increases TU is my highest at 699. Wish that was my Ex score. On some of the Fako sites my score increased anywhere from 36 to 42 points. I'm keeoing my fingers crossed for Ex Fico!!!!!!

[Anonymous]

So after I did what I previously posted, MyFico Eq  jumped from 674 to 706 and MyFico Ex jumped from 669 to 700. I'm still waiting on Transunion to update. It's at 699 also hoping to get to 725+. Honda financial pulls Experian (my auto enhanced is an ugly 650). Otherwise I may just have to buy the 2015 Honda CRV outright as TFCU only pulls TU and offers 1.45% APR for 60 months for new autos. (They also have a lease like program which offers lease like payments and then a balloon payment later....I can either buy the vehicle or sell it at that time. ....Also I did a CLI request today for my 3rd Cap 1 card ....Platinum Mastercard... had a 2k CL and did the online link...was immediately approved for another 2k so total  is now 4k on that card. Total CL on 5 cards is now 16,700...up from 4200 2 years ago!!

[Anonymous]

Ok so My Fico TU updated today and jumped from 699 to 724. Pretty happy with all 3 jumps across the 3 bureaus! Now I will pay off 1250 balance to 0 at the end of this month with cap one, and pay off 513 with Discover in 1st week of march will will give me 4/5 CC's with a 0 balance and 1 cap one card with a 309 balance with a CL of 6k...so toal usage now down from 79% in december to 309/16700= 1.8% utilization ratio. I expect all scores to go up by 8-12 points. Then it's time to buy or lease that 2015 Honda CRV!!!!

[Anonymous]

And..fwiw...my Fico auto 8 scores  (the most recent auto enhanced versions) are Ex- 679 and Eq- 707. Hopefully after another bump in scores in the next 3weeks and I'll be ready to get Tier 1 rates on either leasing or buying. Any thoughts??? Thanks to all!!!!!!

[gdale6]

Sounds like you have a solid plan, go with it

[Anonymous]

it should be a big jump - i just paid mine down from 34 to 21 and credit karma's vantage score 3.0 went up 21 for TU and 38 from EQ. My EX straight from their credit tracker went up 15. Obviously other factors impact it, but I was surprised how much it changed for me.