97% Utility

[Anonymous]

I have 3 Open cards, a Macys at $200 a BOA at $1000 and a WAMU at $1195, all at least 4 years old. My utility right now is at 97% because I just moved. My scores are at TU 577 EQ 566 and EX 477.
How much do you think that a decrease in utility would give me in terms of a score boost? Im looking to get another card/increase limits but I need to get a better score to do that, especially with EX.

[fishbjc]

If you pay the charges down to under 5% util, you may see an increase of 40 pts or more!

Macy's in OH is TU.  You are definitely due an increase there. 

[Anonymous]

I just paid 96% to 7% and my score jumped 35 points today. Of course it all varies on the rest of your credit report.

[Anonymous]

I just called Macys and the guy told me that i was not eligible, but the reason why is that I dont pay them big enough amounts every billing period. I use this card several times monthly and this is the one that I always pay large amounts on????

[liz9100]

Ask him next time how much more. I was told by Jc Penny to keep my balance under 50% or I wouldn't get a credit limit increase. SO I paid it off then received 200.00 from them. Which will help me out I have no idea until 30 days happens. Does anyone know how much of an increase per card happens when you drop the balance like 97 to 7 percent.

[sunrise]

I went from 98% util to 2% util and my scores went up a minimum of 80 points!!  80, 83 & 86 to be exact!!  I did this over a 4 month period.  I started in Nov. and I am at 2% util for March!  I did have a couple baddies removed in the mean time!!

[Junejer]

Towser, try the simulator (especially the 1, 3 and 6 month options). Timothy is really good at estimating these increases. I bet that you could expect a greater than 40 point score increase. Also, only let one of the cards report a balance monthtly.

[Anonymous]

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liz9100 wrote:

Does anyone know how much of an increase per card happens when you drop the balance like 97 to 7 percent.

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It's an overall UTIL, not per card. So let's say you have 97% UTIL on one card and drop it to 7% however that still leaves [50%] UTIL for the rest of the cards, then you wouldn't see as big a bump in your score than if you brought your entire UTIL from 97 to 7.

Know what I mean jelly bean?

[liz9100]

You guys are so great thanks for the help. I do all the apply for credit in the house and moving things around. I have been great at it until I said hell with credit cards and paid cash for everything. Now am in a bad hole trying to find the fastest way out. We make credit money I just hate credit cards. SO I paid the min and ended up hurt more. Now am paying everything down each pay day as fast as I can. I even cancel 1 card. I hate the card I had because the yearly fees are crazy. I just looking at card that don't have a maintance fee each month.

If I pay everything off all 15 accounts I hope to be up to 680 in 9 months. I only owe 15000.00 lets see if I keep to it and not find a house emergency to fix or car repairs.

[Junejer]

Liz, pay them down as quickly as possible and let a couple report a small balance monthly for maximum score increases.