topic Re: Utililization payoff, measley 5 points! :( in Understanding FICO® Scoring

Utililization payoff, measley 5 points! :(

Anonymous — Tue, 11 Mar 2008 00:05:05 GMT

Hi guys and gals, i am pretty clear on what i need to do to get my score up, so i payed down my cards from 98% to 73% just 3 weeks ago and i just checked it and my score only went up 5 points! I was thinking i whould get around a 20 point increase and that is what the simulator said as well. Also my recent credit inquiry section went from bad to good and it still only rose 5 points. I am only at a 648. At what benchmarks in utilization, does the score change? like every 5% or something? or is it more like 51-75% 35-50% 10-35%?? I have no collections, no lates, i guess i am just credit young at 6 years, and my utilization is high. Also What score will i need to get a decent rate at? 60 mo new car. 685, 700. Last time i got a new car loan i had a 723 so i got the best rate and that is all i want now. From what i understand i need a 720 to get top rates like 0% apr from manufacturers. am i right?

Re: Utililization payoff, measley 5 points! :(

Anonymous — Tue, 11 Mar 2008 00:19:16 GMT

You will see bigger jump under 50%

I had an 80 point difference between 44% and 5%

I would have predicted more than 5 points- any other changes?

Have the balances updated on the reports?

cmyerssurf wrote:

Hi guys and gals, i am pretty clear on what i need to do to get my score up, so i payed down my cards from 98% to 73% just 3 weeks ago and i just checked it and my score only went up 5 points! I was thinking i whould get around a 20 point increase and that is what the simulator said as well. Also my recent credit inquiry section went from bad to good and it still only rose 5 points. I am only at a 648. At what benchmarks in utilization, does the score change? like every 5% or something? or is it more like 51-75% 35-50% 10-35%?? I have no collections, no lates, i guess i am just credit young at 6 years, and my utilization is high. Also What score will i need to get a decent rate at? 60 mo new car. 685, 700. Last time i got a new car loan i had a 723 so i got the best rate and that is all i want now. From what i understand i need a 720 to get top rates like 0% apr from manufacturers. am i right?

Re: Utililization payoff, measley 5 points! :(

Anonymous — Tue, 11 Mar 2008 00:21:36 GMT

Under 50% , 30%, 20% 10%

15 to 20 points per 10% of UTL.

Re: Utililization payoff, measley 5 points! :(

Anonymous — Tue, 11 Mar 2008 00:31:58 GMT

Thanks for the quick reply Timothy, No there were no other changes. And yes all of my balances were up to date. My only "bad" items on my history is length of credit history and utilization. I will let you and everyone else know when my scores update further. Oh yeah another note my scores were NOT updating on my score watch i had to actaully purchase a report to get an update, kinda crappy considering paying for it every month.

Message Edited by cmyerssurf on 03-10-2008 05:31 PM

Re: Utililization payoff, measley 5 points! :(

Anonymous — Tue, 11 Mar 2008 01:59:35 GMT

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Posts: 5490
Registered: 03-19-2007

Under 50% , 30%, 20% 10%

15 to 20 points per 10% of UTL.

"Don't leave home without a backup card"

RTC101T

This wasn't true for me. I went from nearly 60% down to 18% showing and only gained 2 points with EQ

Re: Utililization payoff, measley 5 points! :(

Anonymous — Tue, 11 Mar 2008 05:23:16 GMT

@Anonymous wrote:
Oh yeah another note my scores were NOT updating on my score watch i had to actaully purchase a report to get an update, kinda crappy considering paying for it every month.

Message Edited by cmyerssurf on 03-10-2008 05:31 PM

I get this too. Can anyone explain this?

Re: Utililization payoff, measley 5 points! :(

Mn_Vikes — Tue, 11 Mar 2008 12:48:38 GMT

I went from 35% to 3% UTIL and score went up 32 points. no other change.

cmyerssurf wrote:
Hi guys and gals, i am pretty clear on what i need to do to get my score up, so i payed down my cards from 98% to 73% just 3 weeks ago and i just checked it and my score only went up 5 points! I was thinking i whould get around a 20 point increase and that is what the simulator said as well.