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

Moderator Emeritus

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.

 

Message 41 of 62
Moderator Emeritus

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.

 

 

Message 42 of 62
Moderator Emeritus

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.

Message 43 of 62
Regular Contributor

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

Message 44 of 62
Moderator Emerita

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
Message 45 of 62
Valued Member

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


Take the FICO Fitness Challenge
Message 46 of 62
Moderator Emeritus

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!

Message 47 of 62
New Member

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? 

Message 48 of 62
Moderator Emeritus

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.

Message 49 of 62
Moderator Emeritus

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

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

Message 50 of 62