90% to 50% utilization. How big of an increase in FICO scores ?

[Superduper2014]

Hello guys, 

Girl friend has 730 Fico 8 with experian (paid membership)

But she has 2 credit cards that she did BT offers and are pretty much just under 90% maxed out. 

She has some cash to pay down one of them to 50%. I was wondering if she will be seeing a significant FICO score increase when doing this. 

Also, if she pays one down to 50% and leaves the other at 90% and her fico is at around 730 (remains the same).. will she have a good chance at applying for another credit card to do a bal transfer? Her scores will be good, but the utilization on one card will be terrible at 90, not to say 50 is any good, but that is where she is standing now. 

Goal is to be in best possible shape to apply for new cards. 

Thanks for any suggestions. 

[M_Smart007]

@Superduper2014 

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Utilization-Intervals-Brackets-etc/m-p/5...

[Anonymous]

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@Superduper2014 wrote:

Hello guys, 

Girl friend has 730 Fico 8 with experian (paid membership)

But she has 2 credit cards that she did BT offers and are pretty much just under 90% maxed out. 

She has some cash to pay down one of them to 50%. I was wondering if she will be seeing a significant FICO score increase when doing this. 

Also, if she pays one down to 50% and leaves the other at 90% and her fico is at around 730 (remains the same).. will she have a good chance at applying for another credit card to do a bal transfer? Her scores will be good, but the utilization on one card will be terrible at 90, not to say 50 is any good, but that is where she is standing now. 

Goal is to be in best possible shape to apply for new cards. 

Thanks for any suggestions. 

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Depends on the rest of her profile and the scorecard FICO has her on, but she could see upwards of a 30 point swing, maybe more. On whatever scorecard fico 8 has me, I saw several 30-40 point jumps every time I paid down my several cards.  Had three at 75-or-greater, with one of those at 90%. Paid down one, 30 point jump.  Paid down another, 40ish point jump. Paid down the third, more jumps.  Total was just shy of 100 points, over three distinct 30-ish point jumps.  

[Superduper2014]

thank you @M_Smart007 for the link to that thread. 

Also @Anonymous thank you for commenting. I need to be able to give her a realistic (for her budget) plan and was thinking based on what you are saying, if she pays both 90% cards down to 69% instead of one down to 49% and keeping the other at 90%. 

Would that yield better FICO increases hipothetically? 

[Anonymous]

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@Superduper2014 wrote:

thank you @M_Smart007 for the link to that thread. 

Also @Anonymous thank you for commenting. I need to be able to give her a realistic (for her budget) plan and was thinking based on what you are saying, if she pays both 90% cards down to 69% instead of one down to 49% and keeping the other at 90%. 

Would that yield better FICO increases hipothetically? 

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K so the question becomes - is the hit for a nearly maxed out card worse than the hit for two cards with that high utilization.... and I'm going to say I haven't the foggiest.  

I THINK you will be better off with both at 69ish% - but i can't swear it.  I'll 100% admit, that's a bit of rectum reasoning, just based on some of the reason codes I've gotten before... but Neither 90/50 nor 69/69 are ideal utilizations.

[SouthJamaica]

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@Superduper2014 wrote:

Hello guys, 

Girl friend has 730 Fico 8 with experian (paid membership)

But she has 2 credit cards that she did BT offers and are pretty much just under 90% maxed out. 

She has some cash to pay down one of them to 50%. I was wondering if she will be seeing a significant FICO score increase when doing this. 

Also, if she pays one down to 50% and leaves the other at 90% and her fico is at around 730 (remains the same).. will she have a good chance at applying for another credit card to do a bal transfer? Her scores will be good, but the utilization on one card will be terrible at 90, not to say 50 is any good, but that is where she is standing now. 

Goal is to be in best possible shape to apply for new cards. 

Thanks for any suggestions. 

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My advice would be to not apply for anything until both cards are at 28% or less.

[Anonymous]

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@SouthJamaica wrote:

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@Superduper2014 wrote:

Hello guys, 

Girl friend has 730 Fico 8 with experian (paid membership)

But she has 2 credit cards that she did BT offers and are pretty much just under 90% maxed out. 

She has some cash to pay down one of them to 50%. I was wondering if she will be seeing a significant FICO score increase when doing this. 

Also, if she pays one down to 50% and leaves the other at 90% and her fico is at around 730 (remains the same).. will she have a good chance at applying for another credit card to do a bal transfer? Her scores will be good, but the utilization on one card will be terrible at 90, not to say 50 is any good, but that is where she is standing now. 

Goal is to be in best possible shape to apply for new cards. 

Thanks for any suggestions. 

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My advice would be to not apply for anything until both cards are at 28% or less.

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^^^^^^^^^^^^

so he's not wrong... if you can wait that'd be better.  I framed my answers based on the assumption that you are going to app one way or the other, but if you can wait, that would be better.

[Anonymous]

I agree, dont go opening up new cards when util is that high on multiples.

If her report is young, thin or rocky derogs....things could take a serious turn.

As in balance chasing, denials and worse.

Not to say this WILL happen, but possibilities are there depending on credit report.

As for points after paying down 10-100 depending on what is on her file already.

Have her focus on paying down before apping for new credit. (best scenario)

[Superduper2014]

@SouthJamaica Cards can't be paid down that much for now and she will have to apply for new cards for BT. She has to apply before August due to those 2 cards BT offers ending then. 

Not ideal scenario I understand, I am trying to help with what is possible at the moment.

I will have to choose either one card at 49% and the other at 90% or both at 69%. 

He credit has no derogs and no credit card applications in the past year. 

I might be able to get her to pay a little bit more, but if that little bit more will not make a difference versus paying to just the 69% or 49%, then it makes no sense for the moment she is living right now. 

Thanks guys for commenting on this thread!

[SouthJamaica]

If you have to choose between "one card at 49% and the other at 90% or both at 69%" choose both at 69%.