topic Re: Example of Utility affecting scores in Understanding FICO® Scoring

Example of Utility affecting scores

Anonymous — Mon, 08 Sep 2008 23:54:04 GMT

I had a larger than normal credit balance hit this month.....My scores dropped about 20 points.

With less than 1% Utility I was at a 782, 785 and 787

With 6% Utility I was at a 763, 767 and 767

Not sure if an Inquiry affects the score when it is pulled or after (so the lower scores could include the Ding from the creditor who ran them).

Next month I'll report 1% again and be back up so that is always good!

Re: Example of Utility affecting scores

haulingthescoreup — Mon, 08 Sep 2008 23:56:36 GMT

An inq wouldn't have hit all three scores; just the score on the report that was pulled.

Has the new account posted yet?

Seems like a lot of points for util alone; I would think that it would be for a new account as well, but no telling once scores get as high as yours. Score drops that would be minor in the 650's will drop the oxygen masks for FICO High Achievers.

Re: Example of Utility affecting scores

marty56 — Tue, 09 Sep 2008 01:01:45 GMT

I havent seen any change in going form 9% to 1%. I did get a hit when I went to 0% and also for a second CC reporting a small balance.

Re: Example of Utility affecting scores

Anonymous — Tue, 09 Sep 2008 15:31:02 GMT

I took a 20 pt drop for one inq from EX but got it back the next month when one fell off.

Re: Example of Utility affecting scores

Anonymous — Tue, 09 Sep 2008 22:20:10 GMT

I guess its true that curiosity killed the kitten!

Re: Example of Utility affecting scores

Anonymous — Tue, 09 Sep 2008 22:43:10 GMT

I was told he was only going to pull one score, but when I showed up to sign papers he had pulled all three and those are the scores he gave me.

EQ and TU now have 3 Inquiries within the last 12 months and EX has 2 in the last 12 months. (Assuming that the credit check on my new apartment and new job were coded correctly and aren't hurting me(which I don't count in the above numbers)

The credit was just pulled...I won't lose much average age because the account I closed and replaced with this new one was only 6 months old.

Message Edited by 1111mel on 09-09-2008 03:43 PM

Re: Example of Utility affecting scores

Anonymous — Wed, 10 Sep 2008 11:59:25 GMT

According to EX's graph their score changes at 15% util but sure ding you for more than over 4 inqs.

Re: Example of Utility affecting scores-UPDATE

Anonymous — Sat, 27 Sep 2008 05:21:44 GMT

Just ran my scores here on my FICO again...

Utility back at 1%...New Car Account is included in the equation.

TU is 782 (3 inquiries)

EQ is 776 (6 inquires, which include 3 for my new car and 1 for a washer/dryer rental company)

EX is 792 (3 inquiries which include my new apartment in July and my new car in September)

...And the scores pulled at the dealership can't be blamed on the myth of "auto enhanced scores" because my auto loan history is without blemish (knock on wood)

Message Edited by 1111mel on 09-27-2008 12:21 AM