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