88% Utility, WOW!

[westo12]

Say I have two CO's:

1. first one opened 4/04, high limit/bal $500, reporting 120 late 2006

2. second one opened 10/04, high limit/bal $1500, reporting 120 late 2006

If I wanted to select ONE for a GW, would it be #2 since it is newer than #1?  Or does the high limit/bal matter in terms of reporting?

[llecs]

I'd GW them both since they are paid. Tailor the GW to ask them to remove any lates/CO reference. If your AAoA is 5 yrs or older then I'd ask them to delete.

The CL doesn't factor into util if the CC is paid off and will never factor again (unless you have a super-amazing CCC that would reopen it for you).

[westo12]

I hadn't considered asking them to re open.  This is an option IF they don't do a new hard pull.  That would be cool... Doesn't hurt to ask!  Might just try that.

[Anonymous]

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@Anonymous wrote:

Thanks for the help everyone!

My oldest account-  Mortgage 1993

Average Account Age- 10 years 11 months

Account to be PFD Opened in 01/1995

Date of First Delinquincy: 7/2003 per Equifax (Experian says it is due to drop March 2010 on their report)

I've only opened one new account in the last 8 years or so.

Equifax shows me at 100% utility by their report. I know it may be crazy to wake a sleeping dog, but I just can not imagine it killing my score any worse than what it is right now. If I go from 88%-100% utility to 6-12% utility with one payment.........gosh lets hope that doesn't make it worse.

Doesn't FICO says that 35% of our score comes from our utility? I know no one know for sure what will happen and I posted this to get as much feedback as possible from everyone that has seen this type of stuff before. Thanks everyone for your input and information. If anyone else has a story to tell or advice, I'd love to hear more.

 

Message Edited by ncphotoman on 08-08-2009 12:18 AM

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Yes, you will gain points on the utility side of the equation, BUT you may lose points for a recent derog when the OC updates the account if they have not updated it in the last 2 years. Does it update monthly as a CO? If so you will probably gain points.