Account utilization % in regards to score improvement

[Anonymous]

We have a revolving LOC that is currently very high utilization (over 90%).  We know that optimally we need to get it down to at least 28% for the best score improvment, but will we see improvement at other levels as well (for example, 75, 60, 50, etc.)?

We do have the $$$ to pay it down significantly but its dipping pretty deeply into our savings so trying to figure out the best options for ourselves (and the account) with what we can pay at this time.

Thanks.

[gdale6]

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@Anonymous wrote:

We have a revolving LOC that is currently very high utilization (over 90%).  We know that optimally we need to get it down to at least 28% for the best score improvment, but will we see improvement at other levels as well (for example, 75, 60, 50, etc.)?

We do have the $$$ to pay it down significantly but its dipping pretty deeply into our savings so trying to figure out the best options for ourselves (and the account) with what we can pay at this time.

Thanks.

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Accounts at greater than 89% are considered maxed out and there is an additional Fico score hit for it. Yes there are other tiers besides the 28.9%. I dont remember the exact points, I am also going to move this to the UFS forum.

[thornback]

88.9%, 68.9%, 48.9%, 28.9%, and 8.9% 

[Anonymous]

Is there a specific [model] Fico score that you're trying to optimize?

[Anonymous]

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@Anonymous wrote:

Is there a specific [model] Fico score that you're trying to optimize?

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General score improvement for installment loan purposes (refinance an RV that is at 18% Ugh!).  Also a car purchase in a few months (replacing existing vehicle which is also at 11%).

Thanks.

[SouthJamaica]

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@Anonymous wrote:

We have a revolving LOC that is currently very high utilization (over 90%).  We know that optimally we need to get it down to at least 28% for the best score improvment, but will we see improvement at other levels as well (for example, 75, 60, 50, etc.)?

We do have the $$$ to pay it down significantly but its dipping pretty deeply into our savings so trying to figure out the best options for ourselves (and the account) with what we can pay at this time.

Thanks.

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IMHO getting the account down to 48 or 49% will trigger a gain of some points.

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

We have a revolving LOC that is currently very high utilization (over 90%).  We know that optimally we need to get it down to at least 28% for the best score improvment, but will we see improvement at other levels as well (for example, 75, 60, 50, etc.)?

We do have the $$$ to pay it down significantly but its dipping pretty deeply into our savings so trying to figure out the best options for ourselves (and the account) with what we can pay at this time.

Thanks.

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IMHO getting the account down to 48 or 49% will trigger a gain of some points.

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Well I just took the account down to 0% so we'll see what happens when it reports lol.  I still have a single account at 100% (due to a 0% special) but total utilization will be around 12%.

[SouthJamaica]

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@Anonymous wrote:

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@SouthJamaica wrote:

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@Anonymous wrote:

We have a revolving LOC that is currently very high utilization (over 90%).  We know that optimally we need to get it down to at least 28% for the best score improvment, but will we see improvement at other levels as well (for example, 75, 60, 50, etc.)?

We do have the $$$ to pay it down significantly but its dipping pretty deeply into our savings so trying to figure out the best options for ourselves (and the account) with what we can pay at this time.

Thanks.

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IMHO getting the account down to 48 or 49% will trigger a gain of some points.

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Well I just took the account down to 0% so we'll see what happens when it reports lol.  I still have a single account at 100% (due to a 0% special) but total utilization will be around 12%.

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Well I've never had a 100% maxed out account so I can't even imagine what kind of a monkey wrench that throws into things. I wouldn't have the nerve to provoke my lender to that degree.

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

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@SouthJamaica wrote:

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@Anonymous wrote:

We have a revolving LOC that is currently very high utilization (over 90%).  We know that optimally we need to get it down to at least 28% for the best score improvment, but will we see improvement at other levels as well (for example, 75, 60, 50, etc.)?

We do have the $$$ to pay it down significantly but its dipping pretty deeply into our savings so trying to figure out the best options for ourselves (and the account) with what we can pay at this time.

Thanks.

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IMHO getting the account down to 48 or 49% will trigger a gain of some points.

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Well I just took the account down to 0% so we'll see what happens when it reports lol.  I still have a single account at 100% (due to a 0% special) but total utilization will be around 12%.

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Well I've never had a 100% maxed out account so I can't even imagine what kind of a monkey wrench that throws into things. I wouldn't have the nerve to provoke my lender to that degree.

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It will start to drop next month. Best Buy offered me a $2000 credit line and the TV we purchased was a bit more than that lol. But we have 0% interest on the purchase for 2 years so I'm willing to take the score hit on it. 

[Thomas_Thumb]

Still best to get the 0% interest card below max out territory ASAP with your 1st payment (below 89%). Then make twice the minimum payment each month thereafter.