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trying to build Credit via utilization lowering

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jimblack
Established Member
‎01-19-2011 10:39 AM
‎01-19-2011 10:39 AM

trying to build Credit via utilization lowering

Hello,

Love this forum and finding it very useful.  it appears the fastest way my scores will improve is by lowering my utilization.  I just hung up with my credit union( which I have LOC and secured Visa) and they said it takes 2-3 months for your paid down balances to effect your Credit Report.

 

Surely this is not accurate??????????

 

Please offer your insight on this,

Thanks

Starting Score: 597
Current Score: 690
Goal Score: 750

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mauve
Valued Contributor
‎01-19-2011 11:41 AM
‎01-19-2011 11:41 AM

Re: trying to build Credit via utilization lowering

It depends on your CC companies and when they report.  Typically they do this around when the new statement cuts.

Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around

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