Re: Getting to 620...
02-14-2012 03:15 PM
I am scheduling the final lump sum payment to the LOC right now and I'm starting to panic. The payment I was planning to make would cause my utilization to change as follows:
Overall = decrease from 22% to 17%
LOC = decrease from 26% to 20% (the LOC makes up most of my utilization)
Now I'm wondering if I should try to scrape together the $ to pay the LOC down just a little further so that the LOC utilization is below 20%. I've heard a lot of people say that getting under 20% was a "sweet spot" for them and caused a score increase, but I'm wondering... was this 20% overall utilization OR was this 20% individual utilization on the remaining revolving account with a balance (which is the LOC for me)?!
Maybe do it in steps to see what effect each has. Make the original payment as planned bringing overall util to 17% (hopefully some points there from going over 20% to under 20%). See what happens. Then pay second payment to get under that 20% individual util. I know time might now be on your side though, either way, paying more won't hurt you none.
Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
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