Here's some information I saved from an earlier post on Utilization and affects on FICO, I couldn't find who was the original poster, but if anyone knows please chime in as they should receive the credit 🙂
Not knowing your exact details, below are benchmarks for FICO 8.
Remember these aggregate utilization thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%
Remember these individual utilization thresholds: 28.9%, 48.9%, 68.9%, 88.9%
If you're not crossing a threshold, you won't be getting points.
Aggregate: 10-15 points for aggregate crossing a threshold.
Individual: ~5 points points for individual crossing a threshold.
Look into AZEO Technique. All Zero Except One card reporting a small balance e.g. $5-$10. Use a bank card. Do not use a store card.
VERY good information from @MySunrise271 about utilization thresholds. I would recommend reading up on the debt "snowball". Or just watch a few Dave Ramsey videos about it. Basically you take your monthly allocated funds and pay the debts off smallest to largest. As the individual debts are paid off, you roll the monthly funds into the next one and on and on. It works great and you get a nice dopamine shot each time you pay one off fully.
Some here actually pay down utilization amounts, bringing everything under 89%, then 69%, then 49%, and so on. You get major score jumps as you go thru this method and maybe even opportunities to shift those debts around with balance transfer offers, not to mention perhaps qualifying for a credit limit increase or two. I'd live like a pauper and sell everything and eat PBJ to pay that off. It'll change you in ways you can't imagine.
@Expansion wrote:FinStar recommended I come over here and post.
I am looking to improve my credit.
My utilization is high (85.6%) because of a very rough period a while back where I had to use my cards to cover my butt.
My credit has been established since 2001.
651 Equifax,
675 TransUnion,
not sure about my Experian.
I always pay on time. What's tanking my score is the high utilization.
Adding this in for context:
My situation is stable. My income is stable and growing. My business is full with a waitlist.
I don't need credit right now. I'm in a position where I have the mental space and energy to work on this. I am not pursuing bankrupcy, that's not my path. Respect to those who do, but that's not where I'm at.
I would appreciate any suggestions.
Right now I am continuing to steadily pay things down. I haven't added to my balances for several years now.
Also, I am, over time, getting small consolidation loans (first one through lending club paid off, second one through upstart just begun) to move utilization off the credit cards and also reduce the APRs.
Because there have been times when I was approved for something unexpectedly -- lending club when I was in much worse position than I am now; upstart this past November -- I wanted to reach out to those who have a better sense of the terrain, if there are opportunities I might not be aware of that might be worth exploring.
Here's what I've got:
CreditOne MC -- using 0 of 1750 limit, 24.4%
CreditOne Visa -- using 0 of 650 limit, 23.65%
Chase Slate using -- 0 of 1750 limit, 22.99%
Citi Double Cash: using 0 of 500 limit, 22.99%
Navy Federal Visa Platinum: using 9,163 of 10,000 limit, 15.99%
Bank of America Visa: using 1,062 of 1,100 limit, 14.99%
AmEx Blue: using 2,831 of 4,000 limit, 14.24%Santander Sphere: using 4,373 of 5,000 limit, 13.73%
Mercury Mastercard: using 2,803 of 3,300 limit, 12.99%
Discover it Blue: using 11,777 of 12,500 limit, 12.99%
Wells Fargo Platinum: using 7,391 of 8,000 limit, 10.99%
Bank of America BankAmericard Rewards Visa Platinum Plus: using 13,665 of 15,500, 9.90%
Barclay Ring: using 6,350 of 6,750 limit, 8%
Citi Diamond Preferred (closed over 10 years ago because I had the option to keep the 5.24 APR and close the account, or keep the account open and the APR went up to triple or quadruple that): 1,142.15 balance (limit is 0 since it's closed), 5.24%
I also have:
a 6,500 loan through Lending Club that was paid off 10/2021
and
11/2021 I got an 8,000 loan through Upstart for 36 months, and I've made the 2 monthly payments so far. (so utilization on that is 7427 of 8,000).
Miraculously I was approved for that Upstart loan, which I used to pay off my highest-rate cards.
Around the time I paid off the Lending Club loan and got the Upstart loan, my TransUnion Fico Score 8 bumped from "Just under 'good'" where it had been hanging out for years, to "officially good" (like a solid 672).
My overall goals:
-increase my limits so my utilization goes down, and also, so I have elbow room if there's an emergency
-decrease my APRs
-be able to be approved for new credit
-and pay all this stuff down
Ideas on what would be a doable, smart next move?
I just got approved for a second Lending Club loan but the rate (19.94%) is higher than any of the credit cards I would use the loan to pay off, so it doesn't really make sense. It's also annoying because a few months ago when my scores weren't as high and my utilization was worse, they offered me a 15% rate.
Personally I think you're on the right track. The only thing I would add is to suggest that you join a good credit union here and there. They are the best source for decent rates on personal loans, personal lines of credit, and low interest-no balance transfer fee platinum cards.
@SouthJamaica I really appreciate your vote of confidence! I am a member of PenFed and Navy Federal, and this past weekend I joined NASA FCU and also Apple FCU. I will keep my eyes peeled for more to join here and there 
@Expansion wrote:@SouthJamaica I really appreciate your vote of confidence! I am a member of PenFed and Navy Federal, and this past weekend I joined NASA FCU and also Apple FCU. I will keep my eyes peeled for more to join here and there
Be wary of joining too many too fast, for several reasons.
1. Most credit unions use Chex Systems, and will turn you down for any kind of account -- even a deposit account -- if they think you've applied to too many other institutions in too short a time frame.
2. Some credit unions do a hard credit pull for mere membership; so you should research that before applying.
