83% Total Utilization Down to 19%

[Anonymous]

When capital one updates on my reports in ~21 days it will show my overall account utilization lowering from 83% down to 19% and a specific card utilization (cap one) lowering from 97% down to 0%. I'm excited to see what will happen to my scores. This might be the bump that gets my FICO 8's into the 600 territory. 

I'm expecting 40-50 point gain. Unrealistic?

Update:

Results are in:

My new card is not reporting yet so basically it looks like I paid off all my credit cards and brought my highest utilization from upper 90% down to <1% and my total utilization down to under 1%. 

Experian fico 8 went up 22 points

Tranunion fico 8 went up 7 points

Equifax fico 8 went up 46 points

Once new card reports I expect these to lower some. 

[Nomad3]

I'd say +20-30pts conservatively, hope you get 50+ tho!

Congrats getting the balances down

[Anonymous]

Thanks, 20 sounds too low to me since utilization (especially a maxed out card) is such a huge factor in FICO scoring. 

30 does sound in the ball park but I'm optimistic for a 40+ boost. My FICO's haven't been above 600 in a while so that would have me at 601-615 and would be a nice milestone for my rebuild 

I'll def be sure to keep the post updated when cap one updates.

[Anonymous]

It depends on your scorecard. My clean old thick new account scorecard, it was 20 points just for a maxed out card.

You’re crossing three aggregate thresholds, too, so that could be worth a bit as well.

It really depends on your scorecard, but you very well may get the points you’re looking for, sounds reasonable depending on scorecard.

[Revelate]

My old, thick, derogatory scorecard it was -7 points for a maxxed card under FICO 8.  I don't have any useful aggregate data for anything other than EQ FICO 5 where a single maxxed out card + 13% aggregate util was -14 back in the day.

Higher scoring buckets magnify every little ding compared to the dirty scorecards where it's hard to really move your scores much in either direction.  I'd tend to be conservative in estimates too.

[LooksAreDeceiving]

With a thin file, I've seen many large score swings due to utilization.  At one point, my EX FICO 8 dropped 86 (732->646) as a result of maxing a single card (.05->.98), which resulted in agg util of .57.

[Anonymous]

---

---

@Revelate This is one thing i'm worried about. With dirtier files the point difference shoudn't be as large someone who had a 750+ . Vantage simulators show a 70 pt gain but we all know how little that resembles FICO.

@LooksAreDeceiving I've seen some large jumps 60+ when people pay down balances. Considering i'll still have one card with more tha 9% I don't expect it to be as big but I'll be actually shocked if i'm not at 600+ across the board after this.

[Ficoproblems247]

Either way, congrats on tackling your utilization. That is a huge accomplishment. Let us know what your increase looks like! 🙂

[Anonymous]

@LooksAreDeceiving 86 points? Holy crap. How thin is your file out of curiosity? AoOA? AoYA?

[LooksAreDeceiving]

---

@Anonymous wrote:
@LooksAreDeceiving 86 points? Holy crap. How thin is your file out of curiosity? AoOA? AoYA?

---

Currently, I only have 2 TLs reporting (still waiting on AMEX).

AoOA - 10 months

AoYA - Disco is reporting (4 months), but will be AMEX (1 month)

The score drop occurred 4 months ago, when I had only the Propel and Disco, but I had a closed CC that has subsequently dropped off, so:

AoOA - 10 years (or so)

AoYA - Disco (0 months)