Established Contributor
TNTransplant
Posts: 685
Registered: ‎01-03-2012
> 70% Util to < 10% Util - Impact on Score
[ Edited ]

‎10-24-2012 06:29 PM - edited ‎10-26-2012 06:43 AM

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:May 2013: EQ - 749, TU08 - 753, EX - 741 (Amex 4/13)
Goal Score: 760 on each by 12/31/13, Last app - 4/1/13

Take the 2013 FICO Fitness Challenge
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Established Contributor
bettercreditguy1
Posts: 652
Registered: ‎02-11-2012
Re: > 70% Util to < 10% Util - Impact on Score

‎10-25-2012 03:23 AM

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 TU 733 EXP 735 (FAKO)
Updated scores 05/01/2013 EQ 761 TU 780 EXP 788 (Exp. equivalency)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
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Moderator
llecs
Posts: 31,436
Registered: ‎08-04-2007
Re: > 70% Util to < 10% Util - Impact on Score

‎10-25-2012 08:59 AM

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

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Moderator
Shogun
Posts: 7,372
Registered: ‎04-15-2011
Re: > 70% Util to < 10% Util - Impact on Score

‎10-26-2012 12:14 AM

Very nice!!! 

Starting Score: 504

Current Score: EQ FICO 819, TU08 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
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Valued Contributor
Jutz
Posts: 1,142
Registered: ‎05-10-2012
Re: > 70% Util to < 10% Util - Impact on Score

‎10-26-2012 08:08 AM

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 664, TU FICO 683, EX FICO 698 | Starting Score: 525 (05/2012)

Starting total revolving credit: $1100 | Current total revolving credit: $7000

Inquiries (12 Months): EQ 3 TU 2 EX 2 | Most Recent: 1/8/2013


2013 Goals:
New Car
700 Club
AMEX Member

AMEX Gold NPSL
DCU Visa $2000
Cap1 Cash Rewards $2000
BOA Platinum $600
WalMart $800
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Shogun
Posts: 7,372
Registered: ‎04-15-2011
Re: > 70% Util to < 10% Util - Impact on Score

‎10-26-2012 08:54 AM

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

Current Score: EQ FICO 819, TU08 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
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Valued Contributor
Epcot
Posts: 2,592
Registered: ‎10-10-2012
Re: > 70% Util to < 10% Util - Impact on Score

‎10-26-2012 06:02 PM

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 777 EX 767 TU 771
App free since 4/11/12
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