This big of a jump?! (Utilization)

[Anonymous]

Two weeks ago I ran my score and had a TU FICO score of 583. Needless to say my heart nearly stopped and I quickly went over my report. I knew that my credit card balances were high and a Bloomingdale's CC that I have lowered my limit from $1500 to $250 with a balance of $800 on it. So I knew where my problem areas were. I paid off 4 cards completely and 3 I paid off below 30% utilization. In two weeks, with only 2 of the cards reporting new information my TU FICO score is now 658!!! It jumped a whopping 75 points! I can't believe the dramatic increase. Should I anitipate that my score will go up even further when the other CC's report?

[Anonymous]

Utilization counts for 35% of your score. To maximize utilization you need to have less than half of your revolving accounts report a balance. Each of those should be under 9% utilization of their respective limits.

[smallfry]

If the Bloomies reported that would explain all those points. If your reports are clean you should see further progress once they all report. As for how much YMMV. 

[haulingthescoreup]

Util is the area that is most controllable by the consumer, well, if you have the money to pay off your cards.

Don't go overboard --be sure to leave one reporting a token balance, and don't forget to then pay it off. If all report $0, you'll lose points.

OTOH, if you're not in the market for new credit and don't mind a 5-10 point score ding, you can pay everything off early and not have to fool with it.

[Anonymous]

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@smallfry wrote:
If the Bloomies reported that would explain all those points. If your reports are clean you should see further progress once they all report. As for how much YMMV. 

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That's another kicker, Bloomies won't report until July 6th! 

[Anonymous]

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@haulingthescoreup wrote:
Util is the area that is most controllable by the consumer, well, if you have the money to pay off your cards.

Don't go overboard --be sure to leave one reporting a token balance, and don't forget to then pay it off. If all report $0, you'll lose points.

OTOH, if you're not in the market for new credit and don't mind a 5-10 point score ding, you can pay everything off early and not have to fool with it.

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Great advice, thank you! I am in the market for new credit soI will certainly leave one at or around 10%. Is it possible that I may see 700 after all CC's report?

[haulingthescoreup]

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PharmaStockman wrote:

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@haulingthescoreup wrote:
Util is the area that is most controllable by the consumer, well, if you have the money to pay off your cards.

Don't go overboard --be sure to leave one reporting a token balance, and don't forget to then pay it off. If all report $0, you'll lose points.

OTOH, if you're not in the market for new credit and don't mind a 5-10 point score ding, you can pay everything off early and not have to fool with it.

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Great advice, thank you! I am in the market for new credit soI will certainly leave one at or around 10%. Is it possible that I may see 700 after all CC's report?

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I don't know that util alone will get you there.

A lot depends on what baddies you have, and how recent they are.

If you have any lates, etc. approaching a "birthday" (original date of June or July of whatever year), you might get some more bumps as they get another year older.