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bpralat
Posts: 6
Registered: ‎06-15-2012
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Will Moving CL Between CCs Effect FICO!?

Quick question; will reducing the credit line on one credit card by moving it an alternate card reduce your FICO? I ask because I recently allocated $5k from a BoA card that I never use (left $1k on there) to another BoA card (that has a balance) so that my utilization on that card is lower. Today when I pulled my "report" from CreditKarma my FAKO score dropped 41 points! Yikes! However, when I soft pulled my USAA report(s) those FAKO points remained the same. So...does having a lower limit on one card (even if there's not a balance) effect your FICO? I just want to be careful what I do.

Thanks!

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annielorie
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Registered: ‎02-19-2012
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Re: Will Moving CL Between CCs Effect FICO!?

Utilization as per FICO is total accounts not individual.. So it doesnt make a difference. It only makes a diiference to that creditor that sees high utilization on their card.


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bpralat
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Registered: ‎06-15-2012
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Re: Will Moving CL Between CCs Effect FICO!?

Ahh...thank you! I wasn't aware that it wasn't PER TL. That makes sense.

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annielorie
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Re: Will Moving CL Between CCs Effect FICO!?

FORGET FAKO ONLY FICO IS IMPORTANT.  PULL your FICO to see where your scores really are!!


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JohnPTEX
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Registered: ‎02-23-2012
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Re: Will Moving CL Between CCs Effect FICO!?

My understanding is that Util is based upon the entire credit balance, BUT maxing out a single card will effect your score - As for the CK issue - I checked this morning and my score dropped 20 points on both CK and USAA for a single inquiry, but my Vantage score through True Credit went up a single point - concerned I checked my actual FICO to find that it went down 18 points, but other factors were also in play


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bpralat
Posts: 6
Registered: ‎06-15-2012
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Re: Will Moving CL Between CCs Effect FICO!?

The card I moved the credit limit from doesn't have a balance; it's never used. I am just starting to work on my credit, though, and soon I'll be helping my wife with hers as well. Utilization among my cards are currently at around 65% so I need to bring that down which I'll be able to do this summer with my wife finishing school and heading back to work! Feels good! :smileyhappy:

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MarineVietVet
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Registered: ‎07-14-2009
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Re: Will Moving CL Between CCs Effect FICO!?

[ Edited ]

annielorie wrote:

Utilization as per FICO is total accounts not individual.. So it doesnt make a difference. It only makes a diiference to that creditor that sees high utilization on their card.


Actually FICO scores both overall and individual account utilization. Plus the number of accounts reporting a balance at any one time is part of scoring.

 

Edited for several typos.

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annielorie
Posts: 1,207
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Re: Will Moving CL Between CCs Effect FICO!?


JohnPTEX wrote:

My understanding is that Util is based upon the entire credit balance, BUT maxing out a single card will effect your score - As for the CK issue - I checked this morning and my score dropped 20 points on both CK and USAA for a single inquiry, but my Vantage score through True Credit went up a single point - concerned I checked my actual FICO to find that it went down 18 points, but other factors were also in play


UTIlity is over all accounts add your limits to all tradelines say 1,000  and 5,000 and you owe1,000$ and 2,000 Thats 3,000 owed and 6,000 Toatal credit line 50% utilization.

 

As for Credit Karma and USAA and even True Credit. Thes are tools to see your actual reports. Dont go by what they saY nOT FICO NOT IMPORTANT.  I have True credit also but when I need to know where my score is I rely on FICO. So few lenders use Vantage mostly 97% of time FICO in one version or another. When you see your reports with items deleted and maybe your cc reporting lower utility and wan to know your score buy it from my FICO.  And even though you cannot get your EX fico if the info is same on all three reports then:smileytongue: the scores should be close to same as well.


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JohnPTEX
Posts: 402
Registered: ‎02-23-2012
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Re: Will Moving CL Between CCs Effect FICO!?

Yeah I always wonder about experian just hanging out there somewhere ready to screw me!


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