@fritscher wrote:Hi I have recently in the past year got my score up in very good credit area..I feel good because jsut 2 years ago i was at 610 ..Well I recently have been paying down all of my accounts due to change in finances and also acquired some new better credit cards .rather than the ones withe higher interest and annual fees. About a month ago i got Chase Slate and Chase Freedom unlimited and moved my balances over to them from those other cards..i did use about 2500 of the 3000 available credit on both of those to put the other cards on..All was good for a while..last week i purchase my Fico 3B reports with monitoring and when i ran my scores i was in ranges of 739 down to 721 lowest..yesterday when I checked on the 739 dropped to 721 and the 721 to 709 for example..it said because my util on rev cards was like 85 percent but my overall util of all my accounts is 18 percent so just because I shifted money should it drop this much? it is the same balance I had before but just moved to zero interest card..do i now have to pay these two chase cards down asap to get my credit scores back up? I had high util on the other cards too before I moved the money..just confused..thank you for any feedback
Utilization on individual cards matters. In my case I lose significant points whenever I let a revolving account report as high as 30%.
@SouthJamaica wrote:
@fritscher wrote:Hi I have recently in the past year got my score up in very good credit area..I feel good because jsut 2 years ago i was at 610 ..Well I recently have been paying down all of my accounts due to change in finances and also acquired some new better credit cards .rather than the ones withe higher interest and annual fees. About a month ago i got Chase Slate and Chase Freedom unlimited and moved my balances over to them from those other cards..i did use about 2500 of the 3000 available credit on both of those to put the other cards on..All was good for a while..last week i purchase my Fico 3B reports with monitoring and when i ran my scores i was in ranges of 739 down to 721 lowest..yesterday when I checked on the 739 dropped to 721 and the 721 to 709 for example..it said because my util on rev cards was like 85 percent but my overall util of all my accounts is 18 percent so just because I shifted money should it drop this much? it is the same balance I had before but just moved to zero interest card..do i now have to pay these two chase cards down asap to get my credit scores back up? I had high util on the other cards too before I moved the money..just confused..thank you for any feedback
Utilization on individual cards matters. In my case I lose significant points whenever I let a revolving account report as high as 30%.
+1
I just reported 29.33% on a 10k card after paying a very large med bill and lost 9 and 10 (eq and ex). I paid it down from 5k before it reported but I guess I should have paid a little more. Regardless OP, utilization has no memory and our scores will rebound when we pay them down again.
@elim wrote:
@SouthJamaica wrote:Utilization on individual cards matters. In my case I lose significant points whenever I let a revolving account report as high as 30%.
+1
I just reported 29.33% on a 10k card after paying a very large med bill and lost 9 and 10 (eq and ex). I paid it down from 5k before it reported but I guess I should have paid a little more. Regardless OP, utilization has no memory and our scores will rebound when we pay them down again.
I read that FICO roundup, so a 29.33% = 30%. As you said, scores will rebound after pay down the debt.
Paying credit card interest is money down the toilet. You're scores will rebound and your wallet will be heavier because of the BT's. You did the right thing.
