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Established Contributor
TNTransplant
Posts: 772
Registered: ‎01-03-2012
0

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

[ Edited ]

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 !!! :smileyvery-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!  :smileyhappy:

 

 


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

Established Contributor
bettercreditguy1
Posts: 758
Registered: ‎02-11-2012
0

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) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

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

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

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

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!
Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

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 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

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!
Valued Contributor
Epcot
Posts: 2,784
Registered: ‎10-10-2012
0

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 809 EX 774 TU 805
App free since 4/11/13

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