@FireMedic1 wrote:
@SouthJamaica wrote:
@KeithW wrote:I do, but from past experience, this should have done something. Especially since it brown my cumulative balance down under 48%. Nothing else happened, except that we traded in our car and bought a new one. That was just 3 weeks ago and hasn't been reported yet.
Yes, I agree. I would have expected a better than 5 point gain on only 1 bureau after getting 2 accounts down from 70% to under 28%. But who knows? The next one you knock under 50% might net you 12 points.
@FireMedic1 is right that 28% is the magic number, but from my experience, when you don't have the wherewithal to get everything down to 28%, your best bet is not to concentrate on 28% but on 48%; I got good bang for the buck by reducing over-50-percenters to under-50-percenters.
Yep and then when you break the 9%. Booyah!
I have never found anything significant about 9% in revolving utilization, either in individual account utilization or in aggregate utilization.
@KeithW wrote:Ok. I just paid several more down to 28% and we will see what happens. I have 15 Credit Cards.
Congratulations 
@SouthJamaica wrote:
@FireMedic1 wrote:
@SouthJamaica wrote:
@KeithW wrote:I do, but from past experience, this should have done something. Especially since it brown my cumulative balance down under 48%. Nothing else happened, except that we traded in our car and bought a new one. That was just 3 weeks ago and hasn't been reported yet.
Yes, I agree. I would have expected a better than 5 point gain on only 1 bureau after getting 2 accounts down from 70% to under 28%. But who knows? The next one you knock under 50% might net you 12 points.
@FireMedic1 is right that 28% is the magic number, but from my experience, when you don't have the wherewithal to get everything down to 28%, your best bet is not to concentrate on 28% but on 48%; I got good bang for the buck by reducing over-50-percenters to under-50-percenters.
Yep and then when you break the 9%. Booyah!
I have never found anything significant about 9% in revolving utilization, either in individual account utilization or in aggregate utilization.
Everyone is different like a fingerprint. I have 1/3 of the total accounts and CL's you got. 1/7th of total CL's. From no reporting accounts back to AZEO. Would you see the same?
@Thomas_Thumb wrote:I found the 9% level to be very significant in terms of aggregate utilization but not important on an individual card basis.
For me going from 10 to 9 was no different than going from 11 to 10.
@FireMedic1 wrote:
@SouthJamaica wrote:
@FireMedic1 wrote:
@SouthJamaica wrote:
@KeithW wrote:I do, but from past experience, this should have done something. Especially since it brown my cumulative balance down under 48%. Nothing else happened, except that we traded in our car and bought a new one. That was just 3 weeks ago and hasn't been reported yet.
Yes, I agree. I would have expected a better than 5 point gain on only 1 bureau after getting 2 accounts down from 70% to under 28%. But who knows? The next one you knock under 50% might net you 12 points.
@FireMedic1 is right that 28% is the magic number, but from my experience, when you don't have the wherewithal to get everything down to 28%, your best bet is not to concentrate on 28% but on 48%; I got good bang for the buck by reducing over-50-percenters to under-50-percenters.
Yep and then when you break the 9%. Booyah!
I have never found anything significant about 9% in revolving utilization, either in individual account utilization or in aggregate utilization.
Everyone is different like a fingerprint. I have 1/3 of the total accounts and CL's you got. 1/7th of total CL's. From no reporting accounts back to AZEO. Would you see the same?
It's so long since I've been able to achieve all-zero, or all-zero-except-one, that I don't remember
@Thomas_Thumb wrote:
@KeithW wrote:Two months ago I paid my revolving credit down on several cards from 70% individual util to under 28% and my combined util from 60% to 42%. The new balances all reported, but no significant score increase. Only 5 points on one agency and none on the others.
Question: Are you on a dirty scorecard? In other words do you have lates, collections, chargeoffs or the like in your file? Dirty scorecards donot put as much weight on revolving utilization as do clean scorecards. So point gain is less.
With respect to card utilizations and scoring, Fico scores you based on the card with the highest utilization %. So, bringing "several" cards down from 70% to under under 28% won't do much (for card util scoring) if you left one at 50% or 70%. The drop from 60% aggregate to 42% aggregate should be worth 5 points or so - imo depending on clean/dirty scorecard status.
The loan closure followed by opening a new loan will come into play scorewise - not sure how or when as there are a few questions that would need to be answered such as:
* Was the old car loan the only open loan on file?
If yes what was the balance to original loan ratio just prior to closure? If not, what other open loans do you have?
* Has it reported closed?
* You say the new loan has yet to report as open. If there is a lag where the old one reports closed before the new one reports open, you could see a "no open loans" score drop - assuming it was your only active loan.
* If the old loan was nearly paid off and reported closed at the same time as the new loan reports, you could still experience a significant score drop due to the high B/L ratio on the new loan.
* when were the inquiries for the new loan and what CRAs are they on? The inquiries will drop score but there is a 30 day buffer before the impact is realized. Side note - a group of associated inquiries within a 45 day period will only count as 1 on Fico 8.
My experience has been contrary to that. I found that when I could reduce the number of accounts with > 50% utilization, even though some were left above that level, I got some very significant score boosts. Sometimes, the accounts were lumped together. E.g., things like this happened: with getting one or two down, the gain may have been slight, but when I got a third down, the gain may have been quite substantial.