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Established Member
Posts: 22
Registered: ‎11-21-2008
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WooHoo Big Increase!

Started this journey  to be be in a postion to apply for a mortgage in one year. After one month my Transunion jumps 60 points from 518 to 578. I have two charge offs due to fall of in December. One is reporting a $4700 balance. I hope this will help my utilization. Should see another big jump in Jan. 2013.  Thank you all for the great advise.

Valued Contributor
Posts: 2,789
Registered: ‎10-10-2012
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Re: WooHoo Big Increase!

Congrats on the great increase! Keep up the good work and you are on your way to that mortgage. Smiley Happy

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
Valued Contributor
Posts: 1,546
Registered: ‎08-30-2012
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Re: WooHoo Big Increase!

Congrats!! Looking good!

Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 712|EQ 695|EXP 723 (FICO)
Total credit $185,250; Util 14%
Goal Score: 700 across the board.
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My Journey
Established Contributor
Posts: 573
Registered: ‎02-12-2011
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Re: WooHoo Big Increase!

If it's a credit card charge off reporting a balance then it should definitely be playing into your utilization and you should see big improvement in that area when it falls off.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Valued Member
Posts: 30
Registered: ‎06-06-2007
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Re: WooHoo Big Increase!

Congrats!! Keep up the great work. I love seeing posts like this.

New Member
Posts: 13
Registered: ‎12-03-2012
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Re: WooHoo Big Increase!

Correct me If I am wrong but I thought utilization was just the percent of available credit you are using?  I did not think bad debt owed effected that.


Starting Score: 562-October 2012 (BK discharged)
Current Score: 647
Goal Score: 740


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Established Member
Posts: 22
Registered: ‎11-21-2008
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Re: WooHoo Big Increase!

I have a charged off credit card with a credit limit listed as $1800 and a balance as $4700. That puts me at at almost 300% Utlization rate on this card.

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: WooHoo Big Increase!


Royzo wrote:

Correct me If I am wrong but I thought utilization was just the percent of available credit you are using?  I did not think bad debt owed effected that.


Per FICO, utilization would be the percentage used and includes CC, LOCs and HELOCs (up to a certain limit), and includes charged-off CCs provided they report a balance and a CL just like in the prev. poster's example.

Established Contributor
Posts: 1,837
Registered: ‎08-20-2012
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Re: WooHoo Big Increase!

Congrats

Member
Posts: 5
Registered: ‎11-25-2012
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Re: WooHoo Big Increase!

That is wonderful! Congrats on the increase Smiley Happy

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