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WooHoo Big Increase!

Established Member

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.

Message 1 of 10
9 REPLIES
Valued Contributor

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 832 EX 783 TU 816
App free since 9/15/15
Message 2 of 10
Valued Contributor

Re: WooHoo Big Increase!

Congrats!! Looking good!
Scores: about 700 across the board
Total CL: $275k
Message 3 of 10
Established Contributor

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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Message 4 of 10
Valued Member

Re: WooHoo Big Increase!

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

Message 5 of 10
New Member

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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Message 6 of 10
Highlighted
Established Member

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.

Message 7 of 10
Moderator Emeritus

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.

Message 8 of 10
Established Contributor

Re: WooHoo Big Increase!

Congrats

Message 9 of 10

Re: WooHoo Big Increase!

That is wonderful! Congrats on the increase Smiley Happy

Message 10 of 10