Is that your sole revolving account?
What is your current reported revolving aggregate utilization, 102%?
What is your current reported revolving aggregate utilization, 102%?
@Anonymous wrote:
First and foremost, I am very new here.
Is it possible to jump from 521 to 600 by paying off an open account of 102% credit usage. The other accounts have either been closed with 0$ balances or are derogatory and are in collections on a small payment plan.
The simulated score if paid in full was 608 so I went and paid my whole Quiksilver card to boost up my scores to try to land a CPO lease loan of about 13-15k. The account is 5 years old and all the payments on it were on time.
The real question is how accurate are simulated scores. (TransUnion)
What did you close? And what did the creditor close? They were charge offs I take it. List the accounts and collections and the date they happened. Need more info.
Since you only have one card:
You'll receive penalty points for reporting 0% utilization; for not using credit. -10-15 points?
or
You'll receive penalty points if using 50% or more of your cards; using too much credit.
The lesser penalty is to let it report with a small balance e.g. $5, then pay to zero.
Remember these aggregate thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%.
Aggregate utility-You should gain 10-15 points crossing a scoring threshold. You're probably looking at 50-75.
Individual utility-Maybe you'll gain additional 15-20 points? +-5 points a threshold starting at 28.9%.
Report back the outcome once you find out the actual net gain.
You'll receive penalty points for reporting 0% utilization; for not using credit. -10-15 points?
or
You'll receive penalty points if using 50% or more of your cards; using too much credit.
The lesser penalty is to let it report with a small balance e.g. $5, then pay to zero.
Remember these aggregate thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%.
Aggregate utility-You should gain 10-15 points crossing a scoring threshold. You're probably looking at 50-75.
Individual utility-Maybe you'll gain additional 15-20 points? +-5 points a threshold starting at 28.9%.
Report back the outcome once you find out the actual net gain.
@AllZero wrote:
Since you only have one card:
You'll receive penalty points for reporting 0% utilization; for not using credit. -10-15 points?
or
You'll receive penalty points if using 50% or more of your cards; using too much credit.
The lesser penalty is to let it report with a small balance e.g. $5, then pay to zero.
Remember these aggregate thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%.
Aggregate utility-You should gain 10-15 points crossing a scoring threshold. You're probably looking at 50-75.
Individual utility-Maybe you'll gain additional 15-20 points? +-5 points a threshold starting at 28.9%.
Report back the outcome once you find out the actual net gain.
You can use all you want of your credit limit. Its whats you pay it down to before statement date. Thats a farse dont use more than a certain %. If they have one card. Aggregate and individual will be the same %. Need to know what the charge offs are at which would lead to a higher Ind/Agg Util if they arent paid down to 0.
^ OP stated open CC usage. I can only guess it's reported as well. Thus, estimated point gain or loss.
ETA. To clarify, phrasing should be 50% or more of cards reporting a balance.
Not knowing the reported collection(s) utilization did not factor into the above.
ETA. To clarify, phrasing should be 50% or more of cards reporting a balance.
Not knowing the reported collection(s) utilization did not factor into the above.