topic Re: 45 point drop goint from %1 util to %0 in Rebuilding Your Credit

45 point drop goint from %1 util to %0

Anonymous — Thu, 30 Jun 2016 13:30:29 GMT

I got a MyFico alert for a balence change on EX.

I went from a $13 balance to $0 on a Cap1 secured card.

Result was a 45 point drop from 674 to 629 !

Re: 45 point drop goint from %1 util to %0

rubicon — Thu, 30 Jun 2016 14:46:36 GMT

I dont understand why our FICO's are rewarded for carrying debt..that is very frustrating

Re: 45 point drop goint from %1 util to %0

Anonymous — Thu, 30 Jun 2016 15:00:14 GMT

Carrying low amounts of debt shows that you are managing debt, carrying no debt shows management of nothing.

Re: 45 point drop goint from %1 util to %0

rubicon — Thu, 30 Jun 2016 15:01:11 GMT

well when you say it like that

Re: 45 point drop goint from %1 util to %0

Anonymous — Thu, 30 Jun 2016 15:13:08 GMT

@Anonymous wrote:
Carrying low amounts of debt shows that you are managing debt, carrying no debt shows management of nothing.

It's a matter of scale of degrees....

I mean dropping from a "good" rating to "fair" over %1 seems nuts to me. Hopefully the mortgage scores are not as fickle as FICO8.

I realize that credit score is a snapshot that doesn't take previous score into account, but the only difference between the two scores is a $13 decrease in utilization.

$13 cost me 45 points....

I will in the future make sure to carry a balance!

Re: 45 point drop goint from %1 util to %0

Anonymous — Thu, 30 Jun 2016 17:05:06 GMT

@Anonymous wrote:
@Anonymous wrote:
Carrying low amounts of debt shows that you are managing debt, carrying no debt shows management of nothing.
It's a matter of scale of degrees....
I mean dropping from a "good" rating to "fair" over %1 seems nuts to me. Hopefully the mortgage scores are not as fickle as FICO8.
I realize that credit score is a snapshot that doesn't take previous score into account, but the only difference between the two scores is a $13 decrease in utilization.
$13 cost me 45 points....
I will in the future make sure to carry a balance!

Constantly "managing" UTI this way is, IMHO, just not worth the effort. Just keep your balances under control (or even paid off completely if you prefer), and whenever you plan to app for something use this knowledge to "peak" your scores just prior to apping. You don't get any additional points for maintaining the ideal UTI for any length of time.

Re: 45 point drop goint from %1 util to %0

Anonymous — Thu, 30 Jun 2016 17:16:05 GMT

@Anonymous wrote:
I got a MyFico alert for a balence change on EX.
I went from a $13 balance to $0 on a Cap1 secured card.
Result was a 45 point drop from 674 to 629 !

I can sort of beat that. I had a balance increase of ONE dollar and that caused a 19 point drop. Nothing else recently done to my account. I had been working on rebuilding. Now that all my negatives are gone, the CR is on ice for awhile. I'm probably just going to step away from all of this. The daily checking at this point is enough to drive you crazy.

Re: 45 point drop goint from %1 util to %0

surferchris — Fri, 01 Jul 2016 03:57:36 GMT

@rubicon wrote:
well when you say it like that

LOL

Re: 45 point drop goint from %1 util to %0

RonM21 — Fri, 01 Jul 2016 08:55:41 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Carrying low amounts of debt shows that you are managing debt, carrying no debt shows management of nothing.
It's a matter of scale of degrees....
I mean dropping from a "good" rating to "fair" over %1 seems nuts to me. Hopefully the mortgage scores are not as fickle as FICO8.
I realize that credit score is a snapshot that doesn't take previous score into account, but the only difference between the two scores is a $13 decrease in utilization.
$13 cost me 45 points....
I will in the future make sure to carry a balance!
Constantly "managing" UTI this way is, IMHO, just not worth the effort. Just keep your balances under control (or even paid off completely if you prefer), and whenever you plan to app for something use this knowledge to "peak" your scores just prior to apping. You don't get any additional points for maintaining the ideal UTI for any length of time.

This is a good poimt that is overlooked at times. While maintaining the one reported card will keep you with higher scoring, you can do that at any time to get that score. Ot is more important to make sure you're paying on time. If you can manage it though, that is great.