topic Re: Cap One and the Utilization Factor in Understanding FICO® Scoring

Cap One and the Utilization Factor

smallfry — Sat, 12 May 2007 18:47:16 GMT

Well at least the first half of the equation is working. I pulled all three reports from myfico and the % of utilization is figured on my high limit on the Cap One account. I have subsequently paid off this and my other revolving debt. I guess I'll see if my utilization problem comes off the reports. It had been one of the negatives bringing my score down. That should no longer be the case. But ya never know do ya?

Re: Cap One and the Utilization Factor

Tuscani — Sat, 12 May 2007 19:04:12 GMT

Good luck!

Re: Cap One and the Utilization Factor

Anonymous — Sat, 12 May 2007 20:50:13 GMT

good luck. But don't get upset if the available credit is still listed as a negative factor. Im down to 10% and it isstill being stated as a negative factor. I think it is because it can't find anything else to put in that section.

Re: Cap One and the Utilization Factor

smallfry — Sat, 12 May 2007 22:59:26 GMT

Available credit was actually low to begin with. I was utilizing too much of it. 0% utilization can no longer be a negative factor can it? I am sure the quick payoff will not result in a higher score. But I am tired of feeding the monster.

Re: Cap One and the Utilization Factor

Tuscani — Sat, 12 May 2007 23:06:23 GMT

smallfry wrote:
Available credit was actually low to begin with. I was utilizing too much of it. 0% utilization can no longer be a negative factor can it? I am sure the quick payoff will not result in a higher score. But I am tired of feeding the monster.

Actually it can as 1-9% is ideal.

Re: Cap One and the Utilization Factor

smallfry — Sat, 12 May 2007 23:42:59 GMT

@Tuscani wrote:

@smallfry wrote:
Available credit was actually low to begin with. I was utilizing too much of it. 0% utilization can no longer be a negative factor can it? I am sure the quick payoff will not result in a higher score. But I am tired of feeding the monster.

Actually it can as 1-9% is ideal.

Knew you would say that so I kept it above 1% and well below 9%. The myfico charges helped a bit this week. So I do have a few pennies on the card now.