Good morning everyone! I know utilization is 30% of your score but I guess I didn't realize the impact it had on my scores. Before I took out a loan to pay things down my FICO scores averaged in the 670 range at 45% utilization. When my utilization got down to 8% my scores went up considerably EQ 708, TU 726, EX 744. The results were even better on the Vantage 3 model. I know Vantage 3 isn't worth much but it had been depressing to see my scores around 635. On Credit Karma my scores shot up 68 points on TU and EQ. I always dreaded checking Credit Wise from Capital One but this morning TU skyrocketed 89 points! Too bad it doesn't mean much in the real world but it was great seeing that anyways. Even more surprising is how much my scores improved even though I have a new personal loan, opened four cards, closed 12 cards, 10 inquiries and I'm around 55% owed on my car loan. From now on it's PIF unless there's an absolute emergency/need not to allow that.
It's nice to see hard work and dedication to credit pay off, but now it's time to let time do it's magic and age everything appropriately.
Many, many thanks to all the contributors, and posters here at MyFico. The information and help we get on these forums is absolutely the best. I've learned tons, been able to relate to what some people have going on and found inspiration from the posts I have read.
Starting Score: ~670
@sarchin wrote:It's nice to see hard work and dedication to credit pay off, but now it's time to let time do it's magic and age everything appropriately.
It is indeed a great feeling to see hard work pay off, congratulations on your accomplishments thus far, wishing you continued success and the best of luck staying in the garden!
Yes, this forum is the best. Congratulations on your score boost! 🎉 I'm excited just reading your post as my utilization is going from 70% to 1%. The confirmation and inspiration I needed. Can't wait til next month to see the results.
With all the formulas out there that makes up FICO. Its amazing getting higher up in the util % range how much damage it does to a score. Congrats on making the right moves to turn it around. I agree time is your best friend now. Congrats!
Utilization is the main thing I see moving my score up and down.
I don't have any baddies, so as long as my inquiries and new accounts don't get too out of hand, utilization goes down, score goes up, utilization goes up, score goes down.
going through the same thing right now, paying our last 3 cards down through the different utilization thresholds and watching our scores fly up
Im trying to do the same and get down under 10% overall, currently bouncing around 12%-16%
