Reply
Established Member
lemers718
Posts: 22
Registered: ‎11-21-2008

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
Epcot
Posts: 2,760
Registered: ‎10-10-2012

Re: WooHoo Big Increase!

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

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 780 EX 770 TU 774
App free since 4/11/13
Valued Contributor
madmann26
Posts: 1,313
Registered: ‎08-30-2012

Re: WooHoo Big Increase!

Congrats!! Looking good!

Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 696|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $2.5k WalMart DC; CFNA Firestone $2.2k; Amazon $1.5k; NFCU Cash Rewards $22K; AMEX BCE $6k; NavCheck $15k

Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
Established Contributor
sphinx313
Posts: 562
Registered: ‎02-12-2011

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: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


Take the FICO Fitness Challenge
Valued Member
shoppingsenior
Posts: 30
Registered: ‎06-06-2007

Re: WooHoo Big Increase!

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

New Member
Royzo
Posts: 13
Registered: ‎12-03-2012

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


Take the FICO Fitness Challenge
Established Member
lemers718
Posts: 22
Registered: ‎11-21-2008

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
llecs
Posts: 32,880
Registered: ‎08-04-2007

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
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012

Re: WooHoo Big Increase!

Congrats

Member
batemanclan6
Posts: 5
Registered: ‎11-25-2012

Re: WooHoo Big Increase!

That is wonderful! Congrats on the increase :smileyhappy:


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+