Reached 850, Finally

[Thomas_Thumb]

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@noobody wrote:

got TU score from BOA today, 850 also, i do not have access EQ fico8, only bank card score from citi

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Again, good work on the score.

What I find most interesting is the May/June drop in score followed by the July/August increase.

Can you give us some details on the cause/effect. I am particularly interested in how your aggregate CC utilization changed and what your highest % utilization was for an individual card each month April - August. It would also be helpful to know how many cards you have and # cards reporting a balance. Did any new accounts report in May/June?

[Anonymous]

Great job on the scores!!

[noobody]

Shopping spree in HK, 50K balance, two really maxed out card, 30% total utility, no new account, CK went down to 620! ~4 accounts report of my 14 accounts.

[Thomas_Thumb]

Thanks for the additional info

So your 67 point drop is a consequence of aggregate utilization crossing above 2 thresholds, (9% and 29%), coupled with individual card UT going into high UT territory (70% to 89%) or max out territory (above 89%). Did either card go above 89%? Either way, The drop/rebound is in-line with expected results.

The nice thing about abuses in UT % is there is no lingering impact - when UT% is reduced scores go up as your graph illustrates quite effectively. So, no need to micromanage utilization on a daily basis. Use credit as needed and save micromanaging for optimizing score prior to new credit applications.

P.S. VantageScore 3.0 does weigh aggregate utilization quite heavily - much more so than Fico. The algorithm also looks at aggregate reported balance in absolute $$$ terms as well as UT as a %. Your $50k total amount of recently reported balances is a primary reason why your VantageScore reacted so strongly.

VS3 really is not too concerned with # cards reporting and puts minimal weight on individual card UT% unless max'ed out. I would anticipate your VS3 score rebounded fully as well following paydown - yes?

[noobody]

My "really maxed out" means close to 99%.
VS3 is 830 now.

[Sanjo812]

Congratulations!!!! Inspiration for those going after the 850. 

[Anonymous]

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@noobody wrote:
Really maxed out means close to 99%.

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Maxed out in every day language means you've reached your credit limit, but in terms of FICO scoring "maxed out" is said to be anything above 89%... that is, whether you are at 90% or 99% shouldn't make a difference when it comes ot your score as either way you're already in the worst bracket.

[Anonymous]

Congrats noobody!  I recently reached the same level and after years of work it really feels like an accomplishment.

[JustBPatient]

Well done, fantastic accomplishment!!