Reply
Established Member
Posts: 17
Registered: ‎11-07-2009
0

Re: HOW HIGH DID YOUR FICO GO AFTER PAYING OFF CC's

Is it better to bring it down over a few months? We actually pay our CC in full every month, but I guess it uses the statement balance. Is it better to go from 26% directly to 1% or should I drag it out from 26% to 13% to 6% and then 1%? Does it make a difference? I also have a 7 year old $175 paid medical collection that seems to be dragging down my score. I thought old collections do not have much of an impact, but I'm seeing a 100 point disparity between Experian which doesn't have the collection and EQ and TU which do have the collection.

Regular Contributor
Posts: 135
Registered: ‎10-03-2011
0

Re: HOW HIGH DID YOUR FICO GO AFTER PAYING OFF CC's

FICO scores have no memory of past balances.  Bringing your UTL% down over time has no benefit (with the exception of allowing you a little more financial flexibility of you need to carry a balance - which it doesn't sound like you do anyway).  Bringing your UTL% down immediately has the benefit of improving your score faster.

 

I can't speak to the collection, since I've been fortunate enough not to have to go through that at all.  Any reason you didn't GW it?

Regular Contributor
Posts: 135
Registered: ‎10-03-2011
0

Re: HOW HIGH DID YOUR FICO GO AFTER PAYING OFF CC's

So, I jumped the gun and purchased my credit report early.  I thought both my accounts (credit card and line of credit from my CU) had reported, but it turns out only my CC had reported.  Utilization on the card went from 97% down to 4%.  My line of credit still shows maxed out.  Overall, my utilization now sits at 20%.  My EX score just jumped up 45 points.  

 

Hopefully I'll get another 20 points from the credit line dropping down to $0.

New Visitor
Posts: 2
Registered: ‎05-25-2013
0

Re: HOW HIGH DID YOUR FICO GO AFTER PAYING OFF CC's

I received a 58 point jump when all my credit cards were paid under 10% 

Regular Contributor
Posts: 135
Registered: ‎10-03-2011
0

Re: HOW HIGH DID YOUR FICO GO AFTER PAYING OFF CC's


bluescale wrote:

So, I jumped the gun and purchased my credit report early.  I thought both my accounts (credit card and line of credit from my CU) had reported, but it turns out only my CC had reported.  Utilization on the card went from 97% down to 4%.  My line of credit still shows maxed out.  Overall, my utilization now sits at 20%.  My EX score just jumped up 45 points.  

 

Hopefully I'll get another 20 points from the credit line dropping down to $0.


Today I recevied my ScoreWatch alert for the same change as EX yesterday (CC down from 97% util to 4% util; other LOC still showing maxed out; overall util at 20%).  I recevied a 78 point jump from EQ.  It's quite an exercise in patience waiting for my LOC to update.

Regular Contributor
Posts: 135
Registered: ‎10-03-2011
0

Re: HOW HIGH DID YOUR FICO GO AFTER PAYING OFF CC's

Today my LOC finally updated.  On the TU report I purchased last month, my utilization was 97%.  This month it was 4%.  My score increased 63 points.

New Member
Posts: 9
Registered: ‎07-22-2012
0

Re: HOW HIGH DID YOUR FICO GO AFTER PAYING OFF CC's

I went from around 90% utilization, during my 0% interest period, to 0% utilization and saw my score go from about 650 to 740.  Nice jump considering a year ago i was at a 605 with zero credit history.  Now i have a few credit cards with perfect payment history and 0% utilization, as well as a truck loan at 1.9% with a perfect payment history. Hoping for another slight jump in scores when my credit cards and auto loan hit 1 year old. 


Starting Score: 605
Current Score: 739
Goal Score: 800


Take the myFICO Fitness Challenge
Senior Contributor
Posts: 6,242
Registered: ‎08-16-2012
0

Re: HOW HIGH DID YOUR FICO GO AFTER PAYING OFF CC's

Wow! Nice increases folks!
So if you have overall low util, is it most important to get maxxed out cards below a certain percentage util? What's a good starting point? I currently have 96% on a Freedom card at 0%.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Regular Contributor
Posts: 135
Registered: ‎10-03-2011
0

Re: HOW HIGH DID YOUR FICO GO AFTER PAYING OFF CC's


youngandcreditwrthy wrote:
Wow! Nice increases folks!
So if you have overall low util, is it most important to get maxxed out cards below a certain percentage util? What's a good starting point? I currently have 96% on a Freedom card at 0%.

I can't say at what point you'll start to see a significant increase, since I went all in with paying of my card.  However, a maxed out card will kill your score.  I gained almost 20 point when I paid off my maxed out LOC.  It only accounted for 20% of my overall utilization, but it was pegged.  I'm not sure how many of those points were due to my overall utilization dropping from 24% to 4%, and how much was due to maxed out card no longer being maxed.

Frequent Contributor
Posts: 275
Registered: ‎07-11-2013
0

Re: HOW HIGH DID YOUR FICO GO AFTER PAYING OFF CC's

I had 17% Util It's now down to 8% Util I got a 27 point jump.

Chase Sapphire Preferred - American Express Blue Sky - Chase Freedom - BankAmericard Travel Rewards - Walmart - Macy's

Walmart TU 823 (Most Recent) EX 807 EQ 810
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.