topic Re: Paying off large amount on high CL card - Data point in Understanding FICO® Scoring

Paying off large amount on high CL card - Data point

atarvuzdar — Mon, 11 Apr 2022 20:24:28 GMT

I just wanted to share a data point on the impact of paying down a large amount on a very high limit credit card.

As my signature indicates, my BofA credit card has a limit of $99,900. My DH and I typically use this card for balance transfers from time to time due to the high limit and BofA sends us offers for transfers all the time. Last month I received a really large (to me) bonus and we used it to pay off both DH's credit cards and my BofA.

Last month, the BofA reported a balance of $15,906 with a limit (at the time) of $92,000 (17.3% individual CC UTI, well below 10% overall UTI as I have no other cards reporting a balance).

I paid off the balance and also asked for a CLI during the same online session.

This month, my BofA reported a balance of $449 out of $99,900 (0.45% individual CC UTI, and even lower for overall UTI--still no other cards reporting a balance).

Impact:

EQ +1 to 843

TU +4 to 838

EX +10 to 844

EX has always been more sensitive to overall balances than it has been to things like AZEO, etc. I think that's why it had such a large increase as compared to the other bureaus.

Some additional info:

All data across all bureaus is the same
0 inquiries on any bureau
AAoA = 7yr 8mo
AoOA = 18yr even
AoYA = 1yr 1mo
1 mortgage ($102,559/$137,000, or 74.9% of total mortgage)
1 HELOC ($65,711/$73,000, or 90.0% of total HELOC)
1 student loan ($73,542/$71,076, or 103.5% of total student loan - loan is rehabbed from when I was a very careless and financially poor 20-something, thus the % over 100%)

Next on my list is to work on bringing down the amounts owed on my installment loans and to let my profile age some more. Don't think there's much else I can do to get to 850 at this point!

Re: Paying off large amount on high CL card - Data point

CYBERSAM — Mon, 11 Apr 2022 21:02:54 GMT

That is actually pretty awesome! Would you happen to know what is your Fico 10 score relative to other models?

Re: Paying off large amount on high CL card - Data point

atarvuzdar — Tue, 12 Apr 2022 19:48:54 GMT

@CYBERSAM wrote:
That is actually pretty awesome! Would you happen to know what is your Fico 10 score relative to other models?

Here is the full gamut of scores from the new report I pulled today:

Date	Score	Equifax	TransUnion	Experian
4/11/2022	FICO 8	843	838	844
	Mortgage 5 4 2	809	784	809
	Auto 5 4 2	827	814	825
	Auto FICO 8	862	865	868
	Auto FICO 9	862	858	844
	Bankcard 8	866	871	879
	Bankcard 5 4 2	819	816	837
	FICO 3			803
	Bankcard 9	850	849	837
	FICO 9	840	840	826
	FICO 10	839	843
	FICO 10T	840	844
	Auto FICO 10	863	879
	Bankcard 10	849	858

Re: Paying off large amount on high CL card - Data point

CYBERSAM — Tue, 12 Apr 2022 16:58:36 GMT

Excellent DPs. So loans are not effecting the Fico 10 that much!