Lower util

[Anonymous]

Just wondering how many points did your credit score increase after you brought down quite a bit of your util?

[takeshi74]

Impact varies depending not only on the change in utilization but the rest of one's credit profile as well.  All we can really say is that revolving utilization is a signifiicant scoring and risk factor.  A significiant drop in utilization will generally come with a signiicant scoring improvement.  However, we can't say that you will get X points for dropping utilization by Y%.

Keep in mind it's not just about the score and creditors use different scoring models.

If you're really curious the best way to answer your question is to monitor your scores as your revolving utilization changes.

[Anonymous]

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@Anonymous wrote:
Just wondering how many points did your credit score increase after you brought down quite a bit of your util?

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i am a good example to ask lol. so here are my cards i had with their balance / credit line:

capital one - 248 / 300

CCU - 416 / 500

NFCU - 986 / 1,000

chase - 1,450 / 1,500

wells fargo - 2,898 / 3,000

kay jewelers - 0 / 3,400

LOC at my credit union - 1,860 / 2,000

my score was about 580-590 or so. very poor because, as you see, i had about 67% utilization. i paid it all off in march and, once reported, my scores went up to about 640. then i applied for the AmEx ED card and got approved for $2k, and closed my LOC and now my credit is at 670. not great, but a heck of a lot better than 3 months ago lol

[Anonymous]

I'm reading how quite a few people who paid off their balences, lost about 20 points. That was my game plan,but it seems it's best to pay it down and keep a small balence. Is this accurate?

[Anonymous]

Great job on your score increase!!😃 did you leave a zero valence? If so did your score drop?

[Anonymous]

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@Anonymous wrote:
Great job on your score increase!!😃 did you leave a zero valence? If so did your score drop?

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thanks. and no i let them all report at 0. anyone that says that you need to carry over a balance of any sort is entirely wrong about that. the credit bureaus need to see you're responsible and don't overspend, and your banks know if you use the card. i still let my cards report 0 except last statement my kay card reported $65. i paid that off last week so its all good. the higher your available credit then the better your score will reflect.

[Anonymous]

Thank you for the input. So your util is at 0?

[Anonymous]

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@Anonymous wrote:
Thank you for the input. So your util is at 0?

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my reported was $0 on all accounts except for $65 for kay jewelers according to credit karma. even though my spend on american express is around $1,500 a month, i pay it off every friday. since my kay jewelers card is paid off now then my reported utilization on all cards should reflect $0.

[Anonymous]

You have excellent cards. Are any of them new to your new score?😁

[Anonymous]

Great for you!    Keep going, you're doing a wonderful job.  You'll be at 700 before you know it.