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Last month I had a utilization of 117% ...Now it's at 1%. My score at the time was 657 for TU... How much of an increase should I expect? Any guesses? I'll post the results when I see them.
Hint: I have no baddies with one revolving line and AAoA is 1.5. My revolver is 3 years old. I've had 5 inquiries since then (being dumb).
Edit: Fixed numbers.
200 points? I don't have a clue; it depends on lots of stuff. What takes your AAoA down? You had just that one credit card, you said?
You said something about high balance and utilization being a snapshot in time. Yes to with FICO, but CCCs may view it differently.
Ok. So are my historical balances listed on my credit report? If so, that's a bummer. How long do they stay on there? My student loans bring down my AAoA. I'm still in school and don't need to pay them off yet.
If you only have one CC then the impact would be much lower than if you had a good mix of credit with 3 or more CCs. Now you're over the limit and getting below 100% will return some points. Getting from below 100% down to 1% counts too. I'd guess 40. If you had 3 or more CCs, and got overall util down to that, then I'd guess 130+ on EQ and less on TU. The biggest indicator aside from mix is on your FICO reports. If util is listed in the top 1 or 2 slots in items that hurt your score the most, then you stand to see bigger gains.
Yeah, it's listed on top of everything (even history), so hopefully I will see big gains. A 700+ score would be pretty nifty.
I think hitting 700 is possible.
You could get close to 700. I was at a 90-95% credit utilization due to my wedding spread over 4 cards. I'm down to 8% and my fako TU/TR score shot up nearly 30 points to the low-mid 700s.
UPDATE: My score went from 657 to 736. From 117% to 1% in a month.
That's fantastic, Congrats!
I have my utilization around 80% and will be bringing it down to 30-40% within the next month with the hopes of under 15% by early next year. Seeing your example has me excited for what increase I may see.
@Epcot wrote:That's fantastic, Congrats!
I have my utilization around 80% and will be bringing it down to 30-40% within the next month with the hopes of under 15% by early next year. Seeing your example has me excited for what increase I may see.
Thanks! You'll definitely see a huge boost. Also, I was at high utilization for almost the whole time I had the card which was 3 years, so it definitely just takes a present moment snapshot.