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Moderator Emeritus
Posts: 16,381
Registered: ‎03-12-2007
0

Re: Score impact of going from 89% util to <10%

 


kal9988 wrote:

 

llecs, are you saying the $0 balances helped or hurt you? I have 4 CC's and I'd like to get them all under 3%. Do you think it's better to have 3 with a $0 balance and only use one, or have a small balance on each card, while still being under 3% overall?


I can't speak for Ilecs, but in my case, the former gives me more points. It has rewarded me with FICO scores well above 800 across the board.

 

Credit Profile - FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 27 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: TU 1


Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring World Mastercard ~ Chase Freedom Signature Visa ~ CITI Dividend World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
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Re: Score impact of going from 89% util to <10%


fused wrote:

 


llecs wrote:

All the numbers are in and the first post is fully updated.


 

Congrats! You made out better than I thought you would with EQ. Your EQ is 780, TU is 760, I wonder if your EX is 770? LOL! Did you get harded on TU for your loan? Has the new loan reported?

 


Close...780/760 were revised goals. 777/758 are the actual scores so I came close. Who knows with EX...gonna pull the mortgage trigger this fall so I'll find out.

 

No hard yet for LC. No TL either. Due date is within a couple of weeks. We'll see.

 

 

Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
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Re: Score impact of going from 89% util to <10%


kal9988 wrote:

llecs, are you saying the $0 balances helped or hurt you? I have 4 CC's and I'd like to get them all under 3%. Do you think it's better to have 3 with a $0 balance and only use one, or have a small balance on each card, while still being under 3% overall?


Ditto. You can always play around to see what works best. IMO, as compared to carring balances on all.

Regular Contributor
Posts: 181
Registered: ‎07-10-2010
0

Re: Score impact of going from 89% util to <10%

I guess I'll check when I get them down to 3%, then 1%, then all at $0. If it goes down at $0, then I'll know Smiley Happy

Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
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Re: Score impact of going from 89% util to <10%

 


kal9988 wrote:

I guess I'll check when I get them down to 3%, then 1%, then all at $0. If it goes down at $0, then I'll know Smiley Happy


 

You might try experimenting with letting fewer and fewer cards report. I just regained 15+ points that I lost when 4 CC's (out of 9) reporting balances went down to 2.

 

This is pretty much the universal experience here.

 

When it sometimes gets odd is when people with higher scores have ALL report $0. Then some of us benefit, and others lose points. But back when I was in the 740's and below, I was definitely hurt when all reported $0.

 

Anyway, there is no advantage to letting each card report 3% or whatever. Not to mention that trying to keep them at that level will drive you nuts! Smiley Very Happy

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Member
Posts: 44
Registered: ‎07-31-2010
0

Re: Score impact of going from 89% util to <10%

Congrats Illecs!  Your story is inspirational to me! I have lowered my accts from 13 with a balance to 6 and plan on lowered it to only 4 next month.  My utilizaiton is at 47% now but next month I plan on bring it down to around 15% and then of course to 3%! Thanks again!


Starting Score: TU 630... EQ 630....EX FAKO 637
Current Score: TU 736... EQ 770....EX FACO 779
Goal Score: 760


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Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
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Re: Score impact of going from 89% util to <10%


UtahTiger wrote:

Congrats Illecs!  Your story is inspirational to me! I have lowered my accts from 13 with a balance to 6 and plan on lowered it to only 4 next month.  My utilizaiton is at 47% now but next month I plan on bring it down to around 15% and then of course to 3%! Thanks again!


Keep us posted!

New Member
Posts: 2
Registered: ‎07-23-2010
0

Re: Score impact of going from 89% util to <10%

Thanks for sharing this.  I'm confused though...doesn't the report also reflect the 14k consolidation loan? 

Moderator Emeritus
Posts: 16,381
Registered: ‎03-12-2007
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Re: Score impact of going from 89% util to <10%

 


malinchista wrote:

 

Thanks for sharing this.  I'm confused though...doesn't the report also reflect the 14k consolidation loan? 


 

Welcome to the forums!

 

Check message (post) #42, Ilecs stated the loan isn't on his reports yet. 

 

He wrote: No TL either. Due date is within a couple of weeks. We'll see.

 

TL stands for trade line which means the same thing as account.

Credit Profile - FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 27 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: TU 1


Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring World Mastercard ~ Chase Freedom Signature Visa ~ CITI Dividend World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
0

Re: Score impact of going from 89% util to <10%

And nothing to add...still hasn't reported.

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