Experian up 10 Points by dropping 10% in Utilization

[Pharoe33]

Myfico sent me an update stating a change in score. After logging in and checking it out I found I had a 10 point increase on my Experian score taking me from 587 to 597. This increase came because I paid 10% on one of my credit lines (Navy Federal Navcheck).

My scores:

TU: 618

EX: 597

EQ: 581

My current credit cards are as follows:

Navy Federal Flagship - 15,000 limit 14,570 balance

Navy nRewards - 15,000 limit 14,375 balance

Navy Federal Navcheck 500 limit, as of today 350 balance

Kay Jeweler 800 limit 787 balance

My current credit baddies are:

2 unpaid collections

3 paid collections

I have no late payments going on two years now. Not really sure how I got the 10 point bump with the rest of my utilization being where it's at but i wont complain. All it did was motivate me more in paying my debts down more aggressively.

[0REDSOX7]

Get that utilization down and you'll see a huge bump in your score.

I'd start with the lowest balance cards and pay them off, then apply that payment to the next smallest and go from there.

Keep up the good work!

[Pharoe33]

I got a little excited because I havent seen much positive movement of mys core in a while. Im going to pay off the Navcheck today and hopefully Kays next week. Im very interested to see if there will be any inpact if I have both of these accounts at zero while working my two big cards.

[0REDSOX7]

You'll see a little bit of positive impact, for sure.  I would say you'd get over 600...

[Anonymous]

Holy utilization! Try as hard to pay down those debts as soon as possible. I know that it's easier said than done, but if you are worried about your score that's what's keeping it down. You will be up in high 600's if you do. Good luck! 

[kjel]

Congrats on the 10 points! Do start working to pay down your balances though because you are getting dinged twice, once for being close to maxxed out and once for having high utilization.

[Anonymous]

I would suggest getting the two big ones below 13500 each. That will give you another score bump.

[Anonymous]

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@Anonymous wrote:

I would suggest getting the two big ones below 13500 each. That will give you another score bump.

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+1