FICO score i ncrease with CC util

[Anonymous]

Paying your utilization to ZERO can hurt your FICO.  While high utilization hurts, not utilization also hurts.

I recently had all my cards to zero and my score dropped by 11 points.  The next month I made sure to have a little balance (just $50 on 2 cards) and my score jumped back up.

The rules of utilization for maximum FICO are:

1.  Keep balances on no more than 2 cards (especially since you have other loans)

2.  Keep utilization at or below 7%

3.  Do not have zero utilization

4.  Do not apply for new accounts (no new inq)

[joeblow2]

So your saying I am doing everyhting i can now having 2 mortgages 1st 2nd mortgage from 2005 and 1 CC with $100 bal of 6,000 CCL paying $20 a month ? 7 cards total $29,700 CCL. oldest CC is 7 yrs old

[Anonymous]

This may be the case.  Sometimes only TIME can improve your score.  And before now, 722 was considered Excellent by many lenders.

[Anonymous]

Joeblow2:  The one thing that comes to mind that you might be able to do NOW to affect your score is if you have a close family member that can add you as an AU.

Now mind you, this is a double edged sword.  If they max out the card, have lates or anything in the future, you will have to remove yourself as an AU and dispute the account to get it removed from credit.

However, if you are one of those WHAT CAN I DO NOW people, then if you have a close family member who has an aged credit account (preferably 19 or more years) that has no lates, low utilization and is a prime lender, then this could raise your score by increasing AAoA and Oldest Account.

I am only stating this because you seem to be looking for any potential NOW elements.

Good luck

[joeblow2]

cant be added as an AU. i'll just keep doing what i'm doing. 726 and climbin

[joeblow2]

1 more ? i have a gas CC XOM 20 yrs old $500 CCL   it survived my BK in 6/2001 how is this affecting my score ?  my next oldest card is 7 yrs old

[Anonymous]

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txjohn wrote:

Paying your utilization to ZERO can hurt your FICO.  While high utilization hurts, not utilization also hurts.

I recently had all my cards to zero and my score dropped by 11 points.  The next month I made sure to have a little balance (just $50 on 2 cards) and my score jumped back up.

The rules of utilization for maximum FICO are:

1.  Keep balances on no more than 2 cards (especially since you have other loans)

While the magic number for you may be 2. What FICO likes is no more than half your accounts reporting a balance. So, this number may be different for others.

2.  Keep utilization at or below 7%

3.  Do not have zero utilization

4.  Do not apply for new accounts (no new inq)

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[Anonymous]

My comments are based upon MyFICO hints of "High Achievers Average" when it comes to number of accounts with a balance, which I believe is said to be 3 or 4.

But, I realize there is no way to guarantee this is the magic number.

[Anonymous]

Joe:  If your gas card is still open, shows current and paid as agreed, then it is helping your AAoA as well as your oldest account.  Without this account, chances are your score would be lower.

My oldest account happens to be a 20 year old Macy's (Bon Mache) account.  My Macy's reports on TU and EQ, but not EX for some reason, which I am checking into.  And EX is my lowest score.

[Anonymous]

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joeblow2 wrote:
1 more ? i have a gas CC XOM 20 yrs old $500 CCL   it survived my BK in 6/2001 how is this affecting my score ?  my next oldest card is 7 yrs old

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If there is nothing negative on it, then it is helping you greatly.

When is the last time it was used?  After accounts go so long with no activity, they become inactive and ignored for certain scoring aspects.