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.
CH 7 Filed 7/27/15 Discharged 11/16/15
Starting Score: EQ 620 TU 568 EX 593
Current Score (05/11/16): EQ 679 TU 650 EX 668 (FICO's 08)
Cap1 QS ($5350) (Combined QS and QS1) Discover It ($2700) MilStar ($8,600) Fingerhut ($800)
Off to the garden 05/01/16