topic Re: Paid down utilization from 30% to 8% two weeks ago, but ... in Understanding FICO® Scoring

Paid down utilization from 30% to 8% two weeks ago, but ...

Anonymous — Fri, 06 Apr 2018 21:54:27 GMT

Hi myFicos,

In preparation for leaving the garden for a mini app spree, I paid down my utilization from 30% to 8%. That was on the 26th of March. Both Experian's and CreditKarma's simulator indicated that my score would increase ... by 35-40 points ... but two weeks later, all that happened is that one of the agencies dropped my score 5 points and the others did nothing. I understand that many factors determine scores, but there's been no other circumstantial changes for many weeks.

Does this fall in the range of normal? Previously when I paid down balances, I got score increases within a week. Just curious ...

Re: Paid down utilization from 30% to 8% two weeks ago, but ...

avp99 — Fri, 06 Apr 2018 22:55:10 GMT

I don't believe your score went down because you went down to 8%. Also, think about when you paid and when your credit card reporting cycle. I mean, I paid down mine from 50+ Utilization to 18% and I got at least a 40 point jump on all 3 CRA.

Re: Paid down utilization from 30% to 8% two weeks ago, but ...

Anonymous — Sat, 07 Apr 2018 03:18:43 GMT

@Anonymous

In preparation for leaving the garden for a mini app spree, I paid down my utilization from 30% to 8%. That was on the 26th of March.

It sounds to me like your new lower balances didn't report yet. How many accounts did you pay down? If you look at your credit monitoring service you'll be able to see the dates that your creditors report on. Say you have 3 total accounts that you paid down and they report on the 10th, 15th and 20th. If you paid them all down on the 26th, you wouldn't see the first balance report for a few days still (10th) and it wouldn't be until the 20th that you'd be able to see the final impact of the 8% utilization after all of the accounts report the lower balances.

If your aggregate utilization goes from 30% to 8%, you're crossing 2 thresholds of 28.9% and 8.9% so without question you'd see a pretty nice increase. I think 40 points is a reasonably good estimate.

Re: Paid down utilization from 30% to 8% two weeks ago, but ...

NRB525 — Sat, 07 Apr 2018 05:31:21 GMT

15 months of credit history and we expect a score will go from 735 to 775 ?

Re: Paid down utilization from 30% to 8% two weeks ago, but ...

Anonymous — Sat, 07 Apr 2018 05:46:42 GMT

My Experian simulator told me I would get a 5 point bump if I pay my bills on time for 2 months every time I checked, a year goes by and I got nothing, I rarely check anymore.

Re: Paid down utilization from 30% to 8% two weeks ago, but ...

Anonymous — Sat, 07 Apr 2018 16:20:13 GMT

@Anonymous wrote:
@Anonymous
In preparation for leaving the garden for a mini app spree, I paid down my utilization from 30% to 8%. That was on the 26th of March.
How many accounts did you pay down?

If your aggregate utilization goes from 30% to 8%, you're crossing 2 thresholds of 28.9% and 8.9% so without question you'd see a pretty nice increase. I think 40 points is a reasonably good estimate.

Thanks, BrutalBodyShots ... that's helpful.

I paid down 8 of nine accounts on the 26th. It seems that none of the accounts have reported yet because the total balance showing in both Experian's and CreditKarma's sites is still around $3,300.00 instead of around $800.00. I guess I just need to be patient ...

Re: Paid down utilization from 30% to 8% two weeks ago, but ...

kshurika — Sat, 07 Apr 2018 22:38:35 GMT

Completely ignore Credit Karma and sites like it. Pay attention to MyFico, Credit Check Total and, perhaps, Experian. TU's paid site is worthless. MyFico's scores are craaaawwwwwwlingly slow.

Re: Paid down utilization from 30% to 8% two weeks ago, but ...

Anonymous — Sat, 07 Apr 2018 23:48:58 GMT

Hi kshurika,

Yep ... I only really pay attention to Experian FICO 8. I was just noting above that both CK and Ex are still showing total balance due from before I paid all accounts down on the 26th.

Re: Paid down utilization from 30% to 8% two weeks ago, but ...

Anonymous — Sat, 07 Apr 2018 23:58:25 GMT

@NRB52515 months of credit history and we expect a score will go from 735 to 775 ?

I don't see why not. Crossing 2 aggregate utilization thresholds I would think is good for 35-40 points on most profiles. Those with experience here are of course free to chime in with more precise data points.

Re: Paid down utilization from 30% to 8% two weeks ago, but ...

Anonymous — Sat, 07 Apr 2018 23:59:59 GMT

@kshurikaCompletely ignore Credit Karma and sites like it. Pay attention to MyFico, Credit Check Total and, perhaps, Experian. TU's paid site is worthless. MyFico's scores are craaaawwwwwwlingly slow.

There is nothing wrong with using CK or "sites like it" so long as you are using it to look at your reports and not your scores. The OP needs to see when his accounts are updated with the new (lower) reported lower balances. CK and the like CMS sources are absolutely fine for this.

Re: Paid down utilization from 30% to 8% two weeks ago, but ...

Anonymous — Sun, 08 Apr 2018 00:02:31 GMT

@Anonymous
I paid down 8 of nine accounts on the 26th. It seems that none of the accounts have reported yet because the total balance showing in both Experian's and CreditKarma's sites is still around $3,300.00 instead of around $800.00. I guess I just need to be patient ...

If you aren't signed up yet on WalletHub, I suggest doing so right away. The free sites like CK are great for report updates weekly or monthly, where WH gives TU updates to your report daily. This way you'll see every day when one of those 8 accounts reports with its new, lower balance. Once you see that all of them have reported, if you're interested in your 3 FICO 08 scores you can grab them at that time from CCT for $1. It would be cool to hear back what type of scoring increase you see!

Re: Paid down utilization from 30% to 8% two weeks ago, but ...

Anonymous — Sun, 08 Apr 2018 19:01:43 GMT

@Anonymous wrote:
@Anonymous
I paid down 8 of nine accounts on the 26th. It seems that none of the accounts have reported yet because the total balance showing in both Experian's and CreditKarma's sites is still around $3,300.00 instead of around $800.00. I guess I just need to be patient ...

If you aren't signed up yet on WalletHub, I suggest doing so right away ... This way you'll see every day when one of those 8 accounts reports with its new, lower balance. Once you see that all of them have reported, if you're interested in your 3 FICO 08 scores you can grab them at that time from CCT for $1.

This is why I love this forum. Thanks ...

Re: Paid down utilization from 30% to 8% two weeks ago, but ...

Anonymous — Sun, 08 Apr 2018 19:25:52 GMT

I wouldn’t pay any attention to WalletHub’s credit card recommendations. They’ve got a first access card listed for me and my credit as fair when my FICOs are actually good and was just approved for WF Cash Wise and PenFed Power Cash.

Re: Paid down utilization from 30% to 8% two weeks ago, but ...

Anonymous — Mon, 09 Apr 2018 00:38:37 GMT

@AnonymousI wouldn’t pay any attention to WalletHub’s credit card recommendations. They’ve got a first access card listed for me and my credit as fair when my FICOs are actually good and was just approved for WF Cash Wise and PenFed Power Cash.

No one should ever pay attention to any CC recommendations from any CMS.