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My highest utilization revolving account dropped from 57% to zero. This caused drops in (a) number of accounts with balances from 10/32 to 9/32, and (b) overall utilization from rounded 8% to rounded 7%. I still have one account at > 30% (32%).
Effect on several EX FICO scores:
EX FICO 8 +10
EX FICO Auto 8 +12
EX FICO Bankcard 8 +11
EX FICO 2 +-0
Congrats on boost, always nice to get some points. I would think it would be a little higher but I guess over utilization is the bigger factor?
FICO clear as mud😯
@Jnbmom wrote:Congrats on boost, always nice to get some points. I would think it would be a little higher but I guess over utilization is the bigger factor?
FICO clear as mud😯
Just edited my post to mention that I still do have one account >30% (32%).
That sounds about right. I was thinking more like 7-8 points in crossing the 48.9% threshold on an individual card while keeping aggregate utilization in the same (ideal) range.
Looking back at my data, in going from 59% highest card utilization to 24% highest card utilization, I only gained 8 points on EX FICO 8 and that was of course with crossing 2 potential thresholds. The difference though was that it was the same card going from 59% to 24%, so I did not have one fewer account with a balance.
@Anonymous wrote:That sounds about right. I was thinking more like 7-8 points in crossing the 48.9% threshold on an individual card while keeping aggregate utilization in the same (ideal) range.
Looking back at my data, in going from 59% highest card utilization to 24% highest card utilization, I only gained 8 points on EX FICO 8 and that was of course with crossing 2 potential thresholds. The difference though was that it was the same card going from 59% to 24%, so I did not have one fewer account with a balance.
It's possible that my profile reacts more vigorously than more seasoned ones to utilization events because of its somewhat extreme newness (AAoA, AoYA, inquiries).
That may definitely be the case, as these things are always very profile-specific.
@Anonymous wrote:That sounds about right. I was thinking more like 7-8 points in crossing the 48.9% threshold on an individual card while keeping aggregate utilization in the same (ideal) range.
Looking back at my data, in going from 59% highest card utilization to 24% highest card utilization, I only gained 8 points on EX FICO 8 and that was of course with crossing 2 potential thresholds. The difference though was that it was the same card going from 59% to 24%, so I did not have one fewer account with a balance.
SJ, I suspect your profile is more sensitive given you have a few accounts under 12 months age. Age of youngest account(s) is a scorecard assignment factor. I know the young/thin scorecard reacts more strongly to individual card utilization(s).
Although this may not be relevent in your case - I have also wondered if a "new" account reporting a high utilization could have more signal strength than an "established" account reporting the same high utilization. In other words could a "new" 3 month old account reporting a high utilization be viewed as higher risk than a "seasoned", 10 year old account?
BTW - How many cards were reporting balances before vs after the score update and how many reporting were above 29% UT before/after? Perhaps # accounts dropping below a given UT% threshold can influence score (outside the influence on aggrwegte utiliztion).
@Thomas_Thumb wrote:
@Anonymous wrote:That sounds about right. I was thinking more like 7-8 points in crossing the 48.9% threshold on an individual card while keeping aggregate utilization in the same (ideal) range.
Looking back at my data, in going from 59% highest card utilization to 24% highest card utilization, I only gained 8 points on EX FICO 8 and that was of course with crossing 2 potential thresholds. The difference though was that it was the same card going from 59% to 24%, so I did not have one fewer account with a balance.
SJ, I suspect your profile is more sensitive given you have a few accounts under 12 months age. Age of youngest account(s) is a scorecard assignment factor. I know the young/thin scorecard reacts more strongly to individual card utilization(s).
Although this may not be relevent in your case - I have also wondered if a "new" account reporting a high utilization could have more signal strength than an "established" account reporting the same high utilization. In other words could a "new" 3 month old account reporting a high utilization be viewed as higher risk than a "seasoned", 10 year old account?
BTW - How many cards were reporting balances before vs after the score update
10/32 vs 9/32
and how many reporting were above 29% UT before/after?
2 vs 1
Perhaps # accounts dropping below a given UT% threshold can influence score (outside the influence on aggrwegte utiliztion).
Thanks for the additional info.
The magnitude of score shift seems to be pointing toward scorecard assignment/profile as an influencing factor.