topic Re: Scoring Question...score improvement in Understanding FICO® Scoring

Scoring Question...score improvement

Lucifer — Sun, 11 Aug 2019 15:50:03 GMT

I'm at 784 with my Fico 8.

I'm at 10% util with one card at 54%

Good mix of credit, long history, and no bads at all.

Do you think that 54% is what is keeping me away from the 800 mark?

I mean I know it is the main factor huting me and it is coming down about 10 percent points per month...........

I'm curious if any one else has thoughts or a similar experience with how a decent util rate but one card at a high util rate impacted their score....

Re: Scoring Question...score improvement

Remedios — Sun, 11 Aug 2019 16:44:48 GMT

For me, individual utilization is a mixed bag. Last time card reported more than 50% utilization, I only lost 7 points (aggregate stayed under 3%) but I lost 15 points once from going 8% to 11% on aggregate.

Re: Scoring Question...score improvement

blindambition — Sun, 11 Aug 2019 16:53:21 GMT

@Remedios wrote:
For me, individual utilization is a mixed bag. Last time card reported more than 50% utilization, I only lost 7 points (aggregate stayed under 3%) but I lost 15 points once from going 8% to 11% on aggregate.

It is very profile specific. I have seen this with no rhyme or reason.

Re: Scoring Question...score improvement

Lucifer — Sun, 11 Aug 2019 20:30:39 GMT

I figured.

I also know that 8.9% aggregate util is a line of demarcation too....I'll be under that next month.

It's a 0% balance so I am in no rush to pay it off...that and I don't need to maximize my credit scores at the moment. It'll be interesting to watch.

Re: Scoring Question...score improvement

Anonymous — Mon, 12 Aug 2019 00:26:46 GMT

Aggregate utilization is King to individual card utilization.

If you're at 10% aggregate with your highest individual card at 51%, you're probably leaving around 15 points on the table for your aggregate being above 8.9% and maybe another 10 points on the table for your highest individual card being a couple of thresholds above ideal. All in all, I'd estimate you're missing out on about 25 points related to revolving utilization.

Re: Scoring Question...score improvement

Lucifer — Mon, 12 Aug 2019 16:53:31 GMT

So I just set it up that I'll be 8% agg and 47% on that one card. I'm sitting at 785.

I wont get those scores until the second half of september but it'll be interesting to see how much of a bump I get.

I'm hoping it kicks me up over 800.

Re: Scoring Question...score improvement

SouthJamaica — Mon, 12 Aug 2019 17:19:23 GMT

@Lucifer wrote:
I'm at 784 with my Fico 8.

I'm at 10% util with one card at 54%

Good mix of credit, long history, and no bads at all.

Do you think that 54% is what is keeping me away from the 800 mark?

I mean I know it is the main factor huting me and it is coming down about 10 percent points per month...........

I'm curious if any one else has thoughts or a similar experience with how a decent util rate but one card at a high util rate impacted their score....

If your overall utilization were reduced to 9% or lower, and the individual utilization on the 54% card were reduced to 28% or lower, your FICO 8 scores would be significantly higher.

Re: Scoring Question...score improvement

SouthJamaica — Mon, 12 Aug 2019 17:21:56 GMT

@Lucifer wrote:
So I just set it up that I'll be 8% agg and 47% on that one card. I'm sitting at 785.

I wont get those scores until the second half of september but it'll be interesting to see how much of a bump I get.

I'm hoping it kicks me up over 800.

While 47% is better than 54%, it's not enough to get rid of the penalty. I have found that the big one is getting below 29%.

Also, while 8% aggregate utilization is better than 10%, lower percentages are even better.

Re: Scoring Question...score improvement

Lucifer — Tue, 13 Aug 2019 01:26:27 GMT

TY for all the input. I'll watch the impact for next month's sub 9% and again when the single card goes under 29/28% but that won't happen for 5 months or so as I have no real incentive to pay that card off until the 0% runs out. The score watch is more curiosity and fun.

Re: Scoring Question...score improvement

SouthJamaica — Tue, 13 Aug 2019 02:10:09 GMT

@Lucifer wrote:
TY for all the input. I'll watch the impact for next month's sub 9% and again when the single card goes under 29/28% but that won't happen for 5 months or so as I have no real incentive to pay that card off until the 0% runs out. The score watch is more curiosity and fun.

Where are your priorities? Putting money ahead of FICO fun. Shameful