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Understanding FICO® Scoring

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Valued Contributor
Credit-hoarder
Posts: 1,170
Registered: ‎08-30-2013
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Utilization Question

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‎10-31-2013 02:59 PM - edited ‎10-31-2013 03:11 PM

My USAA CC has starting reporting on EQ either today or yesterday. Subsequently my score went from 697 to 691 via myFico Scorewatch. But I'm not worried about that b/c my total credit reporting should also have gone from $7500 to $18500--bringing my UTIL from around 6% to around 2% (approx $375 in balances reporting currently) and myFico score should rebound fairly quick if I can keep my total reporting balance right around $400. Is this a correct assumption to make based on this scenario?.

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Regular Contributor
Necromancer
Posts: 139
Registered: ‎08-27-2013
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Re: Utilization Question
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‎10-31-2013 03:02 PM

I believe your assumption is correct, but most likely the fico drop was due to a decrease in your AAoA, which will increase as your new TL ages.

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coldnmn
Posts: 17,176
Registered: ‎08-08-2011
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Re: Utilization Question
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‎10-31-2013 03:05 PM

+1

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $10.9k / Walmart Mastercard $8k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit $5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.5k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
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Valued Contributor
user5387
Posts: 1,794
Registered: ‎07-01-2010
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Re: Utilization Question
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‎10-31-2013 03:07 PM

I believe that a given utilization puts you in a particular bucket, and if utilization goes down a bit, but you're still in that bucket, then it won't help you.

 

I presume this is true for lots of aspects of FICO scoring.  For example, my AAoA is around 6.1 years, and I doubt that getting it up to 6.5 years will do anything for me.

 

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Frequent Contributor
too-much-time
Posts: 257
Registered: ‎08-20-2010
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Re: Utilization Question
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‎10-31-2013 03:24 PM

user5387 wrote:

I believe that a given utilization puts you in a particular bucket, and if utilization goes down a bit, but you're still in that bucket, then it won't help you.

 

I don't know, so I'm quoting. "Util doesn't determine buckets. If it did, we would be getting poured in and out of buckets every time another CC updates." "We do know that there are 2 negative and 8 positive buckets."

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guiness56
Posts: 22,398
Registered: ‎01-17-2008
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Re: Utilization Question
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‎11-04-2013 07:54 AM

You are correct.  There is no bucket for utilization.

 

 

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