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3 point reduction

Super Contributor

Re: 3 point reduction



inquring_minds wrote:
Thanks Hauling, I need a math refresher - if feel totally stupid! Smiley Indifferent


Most of us dealing with FICO scoring frequently feel totally stupid  Smiley Very Happy
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 11 of 16
Regular Contributor

Re: 3 point reduction

ok, so what should I do now?
 
I have low utilization and my statement cuts on the 30th and I need a boost in scores.  I thought Fico model looked at individual utilization for optimal scores.
 
 
Great Credit is Sexy Smiley Wink EQ 793 / TU 791 / EX 773, 6/2017
Message 12 of 16
Super Contributor

Re: 3 point reduction



inquring_minds wrote:
ok, so what should I do now?
 
I have low utilization and my statement cuts on the 30th and I need a boost in scores.  I thought Fico model looked at individual utilization for optimal scores.
 
 


As far as we can tell, it looks at both.  You could try getting both down to less than 5% and then tell us what happens!
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 13 of 16
Moderator Emerita

Re: 3 point reduction

There's not a day goes by that I don't stare at the laptop and say to myself, "Well, duh!" Smiley Very Happy

Like MV said, you get rated on individual util and on total util. Try having one card PIF'd and the other reporting incredibly low. I got 10-15 points on all three scores recently by having a $7 balance post on one card, $0 on the other 4, $52K+ total CL. I think it was like 1/100 of 1% util. TU especially liked it!

This is now my new happy solution to not worrying about my CC's. I only use one per month, pay it down to 1% before the statement cuts, and there you are. Peace of mind through simplicity!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 14 of 16
Regular Contributor

Re: 3 point reduction

That's great advice, I will let you know the outcome Smiley Happy
 
Happy Holiday's MyFico Friends!!


haulingthescoreup wrote:
There's not a day goes by that I don't stare at the laptop and say to myself, "Well, duh!" Smiley Very Happy

Like MV said, you get rated on individual util and on total util. Try having one card PIF'd and the other reporting incredibly low. I got 10-15 points on all three scores recently by having a $7 balance post on one card, $0 on the other 4, $52K+ total CL. I think it was like 1/100 of 1% util. TU especially liked it!

This is now my new happy solution to not worrying about my CC's. I only use one per month, pay it down to 1% before the statement cuts, and there you are. Peace of mind through simplicity!


Great Credit is Sexy Smiley Wink EQ 793 / TU 791 / EX 773, 6/2017
Message 15 of 16
Highlighted
Moderator Emerita

Re: 3 point reduction

And to you!

We need a wreath smiley or something for this time of year.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 16 of 16