My credit utilization just went from 57% to just under 70%

[donkort]

Hi Everybody,

Owing to a $6,000 drop in my overall credit limit, my utilization increased immediately from 57% to 69%.  How much would my FICO score decrease as a result?

Also:  I have three credit cards.  Is it better to "even out" the percentages than to have two cards at over 80% utilization, and one at nearly 0% utilization?

Thank you for any responses.

[Anonymous]

Well I went from 9% to 47% and lost 21pts.....ouch won't do that again. I immediately paid it back to 4%. Don't know yet if I get my points back. Hope so though!

[creditwherecreditisdue]

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@donkort wrote:

Hi Everybody,

Owing to a $6,000 drop in my overall credit limit, my utilization increased immediately from 57% to 69%.  How much would my FICO score decrease as a result?

Also:  I have three credit cards.  Is it better to "even out" the percentages than to have two cards at over 80% utilization, and one at nearly 0% utilization?

Thank you for any responses.

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When your UTIL is that high you have to get it down and it doesn't really matter how. You probably were CLD'ed because you UTIL was too high to begin with. With three cards try to go down in levels, 50%, then 35%, then PIF one, then another. You have to get that UTIL down soon to avoid balance chasing.

[donkort]

Thanks for the responses.

[RobertEG]

FICO scores % util at approx half for overall % util, and half for the sum of indiv account %utils, which includes percent of cards showing balances.

As for overall %util, it makes no difference which cars you pay, it will have the same affect.

Paying on your higher %util cards will probably give you the best immediate improvement.