topic Re: 31 Point Credit Score Increase!!!!!!! Utilization! in Credit Cards

31 Point Credit Score Increase!!!!!!! Utilization!

ramblin_wreck08 — Mon, 24 Sep 2012 16:50:47 GMT

I'm so excited right now! Over the last couple months I've tightened up my spending in order to pay off some credit card debt (albeit at 0% APR). Dropping my utilization down from 36% to 1% bumped up my TransUnion FICO score from 709 to 740 despite apping for an AMEX charge!

Thanks to everyone on here for the great information! With a little gardening I feel like I can hit my goal of 760 before I decide it's time to buy a house. Thanks everyone!

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

theagent26 — Mon, 24 Sep 2012 18:08:37 GMT

Congrats!

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

AZHeather — Mon, 24 Sep 2012 18:39:26 GMT

Congrats, Ramblin!

That utilization can definitely make or break your score. I have been gardening, so not overly concerned with my utilization lately, and made a large purchase on my Discover to take advantage of my 0% financing. I am paying it off over the course of a few months, but the utilization KILLED my score that first month. I took like a 45 point hit. It is amazing what a difference your utilization makes.

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

ntx — Mon, 24 Sep 2012 18:51:50 GMT

Similar story here - I put $3800 on one of my cards, that brought me up to 95% util on that card, overall util. 44%. No other significant changes.

EQ went from 672 to 651. Oddly, TU only took 4 point hit, from 696 to 692. (both myFICO scores)

I'm in the garden now as well, and will pay off that balance before the end of the year. Still not pleasant to see that though.

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

MsLadyRover — Mon, 24 Sep 2012 18:58:12 GMT

That's an awesome increase! Congrats!

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

creditnocash — Mon, 24 Sep 2012 19:46:53 GMT

congrats! thats a great increase.

something similar with me.

tu went up from 654 to 708 in the past couple months.

with new inquires

lowered util

higher cl etc.

went from 2700/4900

to now about 1600/11k all being paid off by november is my goal.

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

jdirilo — Mon, 24 Sep 2012 19:55:06 GMT

Nice! CreditKarma is showing my util at 68% because both of my cc were almost at the max when they were reported(I didnt know about the cycles and statement dates). This week I expect two more $500 cc's to hit my credit. Well, one with NFCU I was told the statement closing date was the 25th, but I called to pay it off today and the lady told me there is no payment due and I dont even have a statement cut yet(I got the card three weeks ago). So I am confused!

Either way, I hope to get my utili down below 10%. CK shows my score at 566(I checked my TU score today on the TUplus website, and it was 602) and when I do the credit simulator, my score will go up almost 30 points just by lowering my utilization!

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

Poet34 — Mon, 24 Sep 2012 21:34:37 GMT

Congrats!

I had a similar experience earlier this month.

I paid off, what at the time, was my only cc. The 90% utility went to 0% and my EQ Fico increased from 686 to 726. BTW, the myfico credit simulator predicted my score would increase to between 710 and 740 with me paying off the card, so I was happy with the result.

I went on a small app spree and now will garden for awhile.

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

Anonymous — Mon, 24 Sep 2012 21:41:33 GMT

I am new to this, can you explain to me what utilization is? Thanks!

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

Poet34 — Mon, 24 Sep 2012 21:45:29 GMT

It's the percentage of your credit limit that your balance represents.

For example: If you have a $500 balance on a card with a $1,000 limit, then you're at 50% utilization.

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

LS2982 — Mon, 24 Sep 2012 21:52:28 GMT

@ramblin_wreck08 wrote:
I'm so excited right now! Over the last couple months I've tightened up my spending in order to pay off some credit card debt (albeit at 0% APR). Dropping my utilization down from 36% to 1% bumped up my TransUnion FICO score from 709 to 740 despite apping for an AMEX charge!

Thanks to everyone on here for the great information! With a little gardening I feel like I can hit my goal of 760 before I decide it's time to buy a house. Thanks everyone!

Very nice!!!! CONGRATS!!!

@I'm @ 24% right now, I wonder what kind of bump i'd get getting back down around 9%.

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

creditnocash — Mon, 24 Sep 2012 22:30:23 GMT

ck says my score will only go up 6 points if i pay off my cards.

right now its reporting 825/10200 limits.

i cant wait to see those couple of days where it wll be 425/10200.

and then my iphone hits the reports! =/

oh well at least it wont see any interest.

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

Anonymous — Mon, 24 Sep 2012 23:00:13 GMT

Congrats

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

ramblin_wreck08 — Mon, 24 Sep 2012 23:26:49 GMT

Thanks everyone and congrats in return! It's amazing what utilizaiton will do to your score. Never would have found out without this forum.

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

Dishpro — Mon, 24 Sep 2012 23:28:54 GMT

Congrats...... How sweet is that?

Re: 31 Point Credit Score Increase!!!!!!! Utilization!

ramblin_wreck08 — Tue, 25 Sep 2012 01:13:03 GMT

@Dishpro wrote:
Congrats...... How sweet is that?

So sweet! Will be even more sweet once my savings account comes back from the depts.