topic Re: Lower util in General Credit Topics

Lower util

Anonymous — Sun, 03 May 2015 22:57:43 GMT

Just wondering how many points did your credit score increase after you brought down quite a bit of your util?

Re: Lower util

takeshi74 — Mon, 04 May 2015 12:45:08 GMT

Impact varies depending not only on the change in utilization but the rest of one's credit profile as well. All we can really say is that revolving utilization is a signifiicant scoring and risk factor. A significiant drop in utilization will generally come with a signiicant scoring improvement. However, we can't say that you will get X points for dropping utilization by Y%.

Keep in mind it's not just about the score and creditors use different scoring models.

If you're really curious the best way to answer your question is to monitor your scores as your revolving utilization changes.

Re: Lower util

Anonymous — Tue, 05 May 2015 01:18:37 GMT

@Anonymous wrote:
Just wondering how many points did your credit score increase after you brought down quite a bit of your util?

i am a good example to ask lol. so here are my cards i had with their balance / credit line:

capital one - 248 / 300

CCU - 416 / 500

NFCU - 986 / 1,000

chase - 1,450 / 1,500

wells fargo - 2,898 / 3,000

kay jewelers - 0 / 3,400

LOC at my credit union - 1,860 / 2,000

my score was about 580-590 or so. very poor because, as you see, i had about 67% utilization. i paid it all off in march and, once reported, my scores went up to about 640. then i applied for the AmEx ED card and got approved for $2k, and closed my LOC and now my credit is at 670. not great, but a heck of a lot better than 3 months ago lol

Re: Lower util

Anonymous — Tue, 05 May 2015 01:30:39 GMT

I'm reading how quite a few people who paid off their balences, lost about 20 points. That was my game plan,but it seems it's best to pay it down and keep a small balence. Is this accurate?

Re: Lower util

Anonymous — Tue, 05 May 2015 01:31:49 GMT

Great job on your score increase!!😃 did you leave a zero valence? If so did your score drop?

Re: Lower util

Anonymous — Tue, 05 May 2015 02:08:11 GMT

@Anonymous wrote:
Great job on your score increase!!😃 did you leave a zero valence? If so did your score drop?

thanks. and no i let them all report at 0. anyone that says that you need to carry over a balance of any sort is entirely wrong about that. the credit bureaus need to see you're responsible and don't overspend, and your banks know if you use the card. i still let my cards report 0 except last statement my kay card reported $65. i paid that off last week so its all good. the higher your available credit then the better your score will reflect.

Re: Lower util

Anonymous — Tue, 05 May 2015 02:11:06 GMT

Thank you for the input. So your util is at 0?

Re: Lower util

Anonymous — Tue, 05 May 2015 02:15:17 GMT

@Anonymous wrote:
Thank you for the input. So your util is at 0?

my reported was $0 on all accounts except for $65 for kay jewelers according to credit karma. even though my spend on american express is around $1,500 a month, i pay it off every friday. since my kay jewelers card is paid off now then my reported utilization on all cards should reflect $0.

Re: Lower util

Anonymous — Tue, 05 May 2015 02:18:59 GMT

You have excellent cards. Are any of them new to your new score?😁

Re: Lower util

Anonymous — Tue, 05 May 2015 02:23:55 GMT

Great for you! Keep going, you're doing a wonderful job. You'll be at 700 before you know it.

Re: Lower util

Anonymous — Tue, 05 May 2015 02:26:41 GMT

@Anonymous wrote:
You have excellent cards. Are any of them new to your new score?😁

lol thanks but the only good ones are the american express everyday and the chase freedom. and the newest is the amex. the newest before that is the NFCU goRewards i got in june of last year.

Re: Lower util

Anonymous — Tue, 05 May 2015 02:27:34 GMT

Re: Lower util

Anonymous — Tue, 05 May 2015 02:28:31 GMT

@Anonymous wrote:
Great for you! Keep going, you're doing a wonderful job. You'll be at 700 before you know it.

lol thanks! i would love to see 700. i was at 709 before i got married.... and yeah. after my divorce i saw as low as 534 lol. this has been QUITE a journey. and i am only 23 lol

Re: Lower util

Anonymous — Tue, 05 May 2015 02:32:22 GMT

Amex blue (denied) and chase freedom are the only other cards I want. Cs is a whopping 648. Guess it's better than the 540 I had a year ago. Lol😆 I just got a Barclay and a discover it the other day. Now I have 8 cards total. 4 are rebuilder cards I have had. My util is 29% soon to be 20% next week. 2 year excellent payment history. Unfortunately I have a 6 year old judgement. I refuse to apply for chase till that drops. I have a few inquiries ready to fall off in sept. 😊

Re: Lower util

Anonymous — Tue, 05 May 2015 02:38:08 GMT

@Anonymous wrote:
Amex blue (denied) and chase freedom are the only other cards I want. Cs is a whopping 648. Guess it's better than the 540 I had a year ago. Lol😆 I just got a Barclay and a discover it the other day. Now I have 8 cards total. 4 are rebuilder cards I have had. My util is 29% soon to be 20% next week. 2 year excellent payment history. Unfortunately I have a 6 year old judgement. I refuse to apply for chase till that drops. I have a few inquiries ready to fall off in sept. 😊

yeah i would definitely wait until those fall off in september to do any other apps just because that'll help your score go up some. also, since you acquired new cards, i would transfer some of your balances to those cards you just got to take advantage of the 0% so your monthly payment isn't 90% interest lol. in most cases, the 3% balance transfer fee is worth it 10 fold

Re: Lower util

Anonymous — Tue, 05 May 2015 02:41:31 GMT

My valences are a joke! Lololol 250, 232, 40. I'm not even bothering. I'm just throwing 100 a month. My 2500 cl on cap one still has 2000 o
Available. Much easier to keep from maxing out with a cl like that than the 500 dollar ones. Lol

Re: Lower util

Anonymous — Tue, 05 May 2015 02:41:59 GMT

Balences not valences! Ugh

Re: Lower util

Anonymous — Tue, 05 May 2015 02:43:30 GMT

@Anonymous wrote:
Balences not valences! Ugh

balances not balences! ugh. lol

Re: Lower util

Anonymous — Tue, 05 May 2015 02:44:45 GMT

Fliping auto correct! 👿😜