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> 70% Util to < 10% Util - Impact on Score

Established Contributor

> 70% Util to < 10% Util - Impact on Score

Hi All,

 

Just had to share, as I was so excited today when I got my EQ Fico score from M&T Bank....  score is now 749 !!! Smiley Very Happy

 

When I started this journey in Jan, 2012 I had an overall revolving utilization of greater than 70%, and an EQ FICO score of 659.  I had absolutely no negatives, so the score impact was all due to high utilization.

 

I have been obsessed with paying off revolving debt this year (around $20,000 so far), and with my new CSP reporting today my utilization has now dropped to 6% overall.  Even with a balance reporting on 4 cards (all 0% now, by the way), that's a 90 point increase since the first of the year.  I can't believe it!  Smiley Happy

 

 


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Message 1 of 7
6 REPLIES
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Established Contributor

Re: > 70% Util to < 10% Util - Impact on Score

Congrats, another sucess story! Less debt = Higher score. Why? you appear less risky to lenders and the computer model. Remember the Three P's. Pay in full EARLY, Pay on Time, and Patience. These are the silent motors that raise a FICO score.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 2 of 7
Moderator Emeritus

Re: > 70% Util to < 10% Util - Impact on Score

Congrats...70% down = 90 pts for you which = less CC payments! Priceless.

Message 3 of 7
Moderator Emeritus

Re: > 70% Util to < 10% Util - Impact on Score

Very nice!!! 

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 7
Valued Contributor

Re: > 70% Util to < 10% Util - Impact on Score

Nice! And it wasn't all for your score now either, that's ALOT of freed up cash you won't be paying to CC companies anymore.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Message 5 of 7
Moderator Emeritus

Re: > 70% Util to < 10% Util - Impact on Score


Jutz wrote:

Nice! And it wasn't all for your score now either, that's ALOT of freed up cash you won't be paying to CC companies anymore.


+1000

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 6 of 7
Valued Contributor

Re: > 70% Util to < 10% Util - Impact on Score

That's great, Congrats! I am on a similiar journey. Started with over 80% util and I am paying it down. I should be near 30% or so this month. Can't wait to see those balances update on my report!

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 832 EX 783 TU 816
App free since 9/15/15
Message 7 of 7