@Anonymous wrote:
Hi.. Has anyone seen a credit score increase from bringing their untilization from around 12% to exactly 10% across all cards? My current utilization is 12% across all cards and Im thinking I should bring it to exactly 10%, however I don't want to make a payment if Im not going to get any extra points. I have a JCP card thats at a 0 balance with $2600 credit limit, and I have a Capital One card, where the last statement balance was $769 with a limit of $6500, however I made a $420 payment yesterday, so when the statement cuts tomorrow the new balance will be $550 on a $6500. (Im in the middle of a mortgage and trying to get the most points this month)
current scores
TU 648
EQ669
EX659
FICO has many different scoring models. The models used for mortgages like it VERY much if you can show that almost all your credit cards are showing a $0 balance, with one card showing a positive balance. And all FICO models like it when your total utilization (all cards counted together) is at < 8.99%. 10% is too high for optimal scoring.
Given that you are in a huge time crunch, the best thing to do is to create as many $0 balances as you can (but keeping one card reporting a positive amount). If you do that, it sounds like your total utilization will naturally fall into being < 8.9%. If it gets even lower, that is fine too, as long as there is one card with at least $5 on it.
PS. The remaining card should also be < 29% for individual utilization too, but it sounds like that may already be the case.
