Util question

[sunrise]

I read it somewhere around here that there seems to be certain util %'s  that that really make scores jump when you get below them.  I thought I saw 49%....29%....9%..and 3%.  Anyone know if this is really the case? 

I paid this months cc's down to 28% util...and I am wondering if I should do the 9% in Jan and 3% in Feb?  I cannot afford to pay it all off at once......going from 28% to 9% is going to be a stretch for me, BUT, if it is really going to cause a big jump in scores I can somehow make it happen......(Kids...we are havin' mac n cheese AGAIN tonight)...I really need to see scores jump big time over the next couple of months.  Any advice is appreciated!!  Thanks

[Anonymous]

What was the util on the card at first?

[sunrise]

97% util...ouch!   I paid them down with a large one-time bonus from work.  All accts. combined totaled about $11,000.  Now I am paying from regular salary. 

[sunrise]

BTW...it is 6 cc's...not just one....and they are in the sockdrawer for now.

[Anonymous]

Hi Sunrise,

You made a nice dent in the balances.

Do you need to improve your FICO quickly or can you pay down to 9% or below UTL over the course of the next several months?

[Anonymous]

I would think you would definitely see a substantial jump in scores, regardless of your overall credit pic--who knows how much tho. I have heard you get one (score bump) for going under 50, then 30, and then FICO loves between 1-10% util.

[sunrise]

Going for a construction loan in March '08 (wow, only 3 mo's away) Scores are mid 600's now, but want to get a great rate and would love to see a 700.  So, I need scores to jump quick.  Thanks!

[Anonymous]

That should get you a nice bump, but I am not too sure about 50 pts, but who knows stranger things have happened when dealing with FICO. What else can you work on to get to 700?

[sunrise]

I saw the jump when I went below 49% util...on average my scores went up 35+ points....then, I paid them down to under 35%  scores went up on avg another 20+ points and this month (actually,last week) I paid them down to 28%...would have done more but it was Christmas!  Haven't seem an increase in points yet, but I usually don't until sometime between the 1st and 15th of the month!

[sunrise]

I am going to GW the one and only baddie I have on my report since a 2003 BK  It is a medical collection for $355.  I paid it last month before I knew about PFD.  I didn't even know it was on my report until I decided to pay down my util's, and I wanted to see where I was at credit score wise!

  I moved last year and the bill was sent to my former address even though I did an address change with the USPS!!  That is really all I think I can do to help my scores other than getting my utils down below 10% over the next couple of months!