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@Jutz wrote:
@newportguy wrote:
@racer-x wrote:I'd say I have a thin profile.
Cap One - $500 CL, $0 balance
Walmart - $700 CL, $32 balance
U.S. Bank Reserve credit line - $750 CL, $47 balance
Cap One - $15k CL, balance $8000
total utilization 49%. 2.5 yrs AAoA. No lates, no negs on EQ,(1 paid collection on TU and EX) perfect payment history last 4.5 yrs, 0 to 1 hard inquiries
myfico EQ 695
myfico TU 684
EX 672
That's what killing your score !!! your score will go up as you lower the Bal .
we definitely agree on that!!
Additionally, I think that your score dropped from having your third of four cards report a balance
Hey, that's a start
probably it's a combination of the percent balance and an icrease in # of accounts reporting a balance.
@racer-x wrote:
That cap one account, formerly an hsbc acct, is going to be taken care of in the next couple of days.
Im getting an $8000 auto loan from my cu on a vehicle that i paid cash for a few months ago, and paying off that account.
That should greatly improve my credit across the board. Utlization will be 0 and having a new type of credit (auto loan) should help as well.
And it will ... Also remember 1% utlization will have a higher score than a 0 %
@racer-x wrote:
Right on newport. That capone is at 17.99-19.99%.
The CU is gonna be at 6%-ish.
Cant wait to do this tomorrow.
Yeah , i know your excited..... Next month you will see a nice rise in your score too
the number of accounts reporting a balance is what triggered it, I had 5 last month which is funny cause 4 had less than $100 each and one with $15,000 lol
dont feel bad i had walmart report a 245 balance on a 5k limit and best buy jumped from 200 to 1800 on a 2500 limit.
score alert today.
dropped 19 points =( to 669
Current: Fico ScoresEQ~706 TU~719 EX 709 4/28/23 Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE | Buy A Home Earn Cash Back | Amex Zync(Unicorn) Chase Freedom$1500 Discover IT$7,400 Citi DC $10,000 Citizens Mastercard$7,000 |
@YahComb wrote:probably it's a combination of the percent balance and an icrease in # of accounts reporting a balance.
Hey! +1
FICO takes into account not only utility but also how many of your accounts are showing a balance. Many on here play around with theire scores to tweak them. If you do a little research, you will see why so many here say to "leave only 1 account showing a <10% utility". The FICO score is affected also by the utility of the individual balances on the cards themselves too. Hopes this helps.
@racer-x wrote:WTH? I've used my $700 Walmart card one time since I got it, 1 1/2 months ago.
I put a whopping $32 on it. The $25 payment isn't due til 12-26.
Today I got a myfico Scorewatch alert and my EQ dropped from 702 to 695.
I thought it was acceptable to keep your utilization under 10% without any negative effects to your credit score?
So what's the solution? As soon as you charge something, immeditely get to your smart phone or computer and pay the balance?
Damn....I'm going to my CU tomorrow or Saturday to get an $8000 auto loan....I wonder how this will affect that? My CU pulls EQ only.
in my experience I have found that when you have a new account added to your report your score will drop due to AAOA but also when a very new account reports a balance that too can lower your score. Most of the time your score will get better if your OLDER accounts report a balance.. Like say your oldest account showing activity however I have found that is not so with new accounts. Not sure why but I believe the score factors in the age of the account and the balance being reported.
I have a new account it reported a $760 balance one month. After the account reported the balance my score dropped. The following month the same card reported -0- and my score went back up. Different card much older reported a $800 balance one month and my score did nothing.
Worst thing you can do is have no balance report on any of your credit lines I did that one month and my score fell almost 25 points. I figured that out the hard way