90% Util on Chase Slate

Anonymous · ‎05-09-2014

Hi,

I have a 90% utilization on my Chase Slate card which has a credit line of 4.5K, if I brought down the utilization to around 10% or 0 would this really improve my score as suggested by the credit simulator?

Thanks,

Greg

-Wade- · ‎05-09-2014

@Anonymous wrote:
Hi,

I have a 90% utilization on my Chase Slate card which has a credit line of 4.5K, if I brought down the utilization to around 10% or 0 would this really improve my score as suggested by the credit simulator?

Thanks,
Greg

Yes you would get a nice score increase

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******

Revelate · ‎05-09-2014

15-20 points would be my guess on Beacon 5; maybe more on an '08 score both for maxxed out tradeline and also for cutting your utilization from ~50 to 10% or less.

avggoal700 · ‎05-09-2014

Be careful that chase doesn't lower your credit limit

EX 706. TU 705 EQ 682. Avg 698

Revelate · ‎05-09-2014

@avggoal700 wrote:
Be careful that chase doesn't lower your credit limit

I suspect the fear of that is overblown from the number of people who find this forum after a pattern of high utilization... and ones that tend to overapply for accounts as well.

Also this isn't 2008-2010 anymore: credit is much, much looser than it was back then. If Amex hasn't cared about my maxxing out my card 3 different times, I doubt that Chase would honestly in today's market... especially considering Slate is Chase's balance carrying card by design.