Regular Contributor
Posts: 246
Registered: ‎12-31-2012
Re: Health > FICO = Break

ApexdvToo wrote:

Just wanted to give an update ...

Ok ... so Care Credit (GE Money Bank) came through for me and that combined with Amex and savings allowed me to take care of the near $5000 bill for the wisdom teeth extraction and dental bone grafts.  I stil have a crown left then ... TaDa! ... Adult braces.  Yeah.  Fun.


Anyhoo much discussion has been made regarding just exactly how utilization will affect your FICO and since I basically temporarily maxed everything out I can tell you boy does it hurt!  And quickly!  I had reached over 600 on my FICOs after working hard and within one month of maxing things out BOOM ... all are below 515.  Ouch.  Mind you, I had a new CC show up (GE Money Bank's Care Credit account) but other than that: all payments made on time and no other changes ... only utilization.  Let the tears begin.


Fortunately, I will have my utilization back down to below 30% by the end of November and back down to the sweet spot of 7% - 9% by the end of December.  It'll be interesting to see just how fast and to what level they return.  I'll keep y'all updated.


So moral of the story: utilization matters folks!  BIG time!

Yes it does!! my utilization went up to 77% and my score dropped 30 points. Smiley Sad I will pay it down to 5% in about  a week so I am not too upset but it stll sucks. I hope you get better soon though.  

Starting Score: 529
Current Score: EQF 643, TU 677 EXP 631,Lender Pulled Aug 2, 2013 EX 665, TU 664 and EQF 643
Goal Score: 701

Take the myFICO Fitness Challenge