Real World Example of Util/TL/Ba
ddie v/s Score
09-01-2012 10:18 AM
Been busy with GWs (keeping up the faith in spite of multiple NOs) but as I see frequent questions about util-baddies-TLs v/s score I thought I would provide a 1-month example:
My scores have been steadily increasing 5+/- per month. I've ensured my util is never over 9% during the entire process. This month I became busy and waited 3 days too many on my CC payments and BOOM ... the accounts posted to the CRAs with approximately 25% util (not late, mind you ... rather, I simply missed my statement cut dates). Guess what:
As of 1-Aug:
EQ-FICO = 605 with 9% util.
TU-FICO = 558 with 9% util
As of 1-Sept:
EQ-FICO = 598 with 24% util ... a 7 pt drop OH NOE!
TU-FICO = 599 with 24% util ... a 41 pt increase ... YEAH BAYBEEE!!
Cap1 began reporting my new CC ($550 CL)
Made my payments *after* my statement cut dates thereby increasing my util from 9% to 24% <face palm>
Had a baddie adjusted on my TU: lates removed ... balance set to $0 ... account closed ... now reporting as "Never Late / Paid As Agreed" WOOHOO!
Considering the above three factors, a new TL does make a temporary small ding but the increase in TL *can* lower your util and the removal of a single baddie *can* make a huge difference. My next score pull on 1-Oct, I am hoping, should be quite nice! Ok, I've finished babbling. These results are mine and YMMV but I would imagine they are typical.
Starting Score 4/15/2012:579 Ex-FAKO, 572 Eq-FAKO, 546 TU-FAKO (all were sub-500 in 2011)
FICO as of 3/08/2013: 627 EQ, 647 TU
FAKO as of 3/23/2013: 638 EX, 652 EQ, 648 TU
Goal 1: 600 FICO achieved 10/2012!, Goal 2: 650 FICO Across the Board - Let's take Baby-Steps!
**Amex Optima $1.3k, GE/CareCredit $1k, CapOne Secured $900, Barclaycard Rewards $500, CapOne Rewards $500, Citi/Shell $200**
Seedling Garden Club Member - Last App: 03/18/2013 - Goal: No apps for One Year: 3/18/2014
Re: Real World Example of Util/TL/Ba
ddie v/s Score
09-02-2012 11:32 AM
Almost a 50pt gain in one month:
Aug 1: Util 80% EQ MyFICO 646
Sep 1: Util 20% EQ MyFICO 694
The only other changes - addition of some inquiries, one new account with a 300 limit, and a drop of about 800 in installment debt - still over 30,000, so I don't think that made much difference.
I paid multiple accounts off at the beginning of August., so there's been a huge drop in utilization and multiple accounts now have zero balances - where they will stay for the forseeable future.
Starting Score: 534 11/09
Current Score: FICO 652 05/11
Goal Score: 700+
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