@yodi2007 wrote:I recently paid my cards overall utilization from 65% (13050) to 25% (3300). Realistically how many points will my FICO 2,4,5 grow by? I have 3 cards that are not under 30% Utilization. One is 1800/3000, another 262/1000, and the last one is 1450/3500. The other 7 are 0-21 usd balance.
I don't know. In my profile it would probably be worth 25 to 40 points or so in the mortgage scores. But I can tell you that (a) the more zero balances, the better, for your mortgage scores, and (b) a recent test I ran suggests that the number of accounts with 50% or greater individual utilization is a big factor. So my advice to you is to let all but those 3 report zero balances, and to get that $1800 balance down to $1400.
@yodi2007 wrote:
@SouthJamaica wrote:
@yodi2007 wrote:I recently paid my cards overall utilization from 65% (13050) to 25% (3300). Realistically how many points will my FICO 2,4,5 grow by? I have 3 cards that are not under 30% Utilization. One is 1800/3000, another 262/1000, and the last one is 1450/3500. The other 7 are 0-21 usd balance.
I don't know. In my profile it would probably be worth 25 to 40 points or so in the mortgage scores. But I can tell you that (a) the more zero balances, the better, for your mortgage scores, and (b) a recent test I ran suggests that the number of accounts with 50% or greater individual utilization is a big factor. So my advice to you is to let all but those 3 report zero balances, and to get that $1800 balance down to $1400.
Thanks for the info! Does this work for store cards to like BB?
Yes.
Except that the 3 cards you're using to report a non-zero balance shouldn't all be store cards.
@yodi2007 wrote:
@SouthJamaica wrote:
@yodi2007 wrote:
@SouthJamaica wrote:
@yodi2007 wrote:I recently paid my cards overall utilization from 65% (13050) to 25% (3300). Realistically how many points will my FICO 2,4,5 grow by? I have 3 cards that are not under 30% Utilization. One is 1800/3000, another 262/1000, and the last one is 1450/3500. The other 7 are 0-21 usd balance.
I don't know. In my profile it would probably be worth 25 to 40 points or so in the mortgage scores. But I can tell you that (a) the more zero balances, the better, for your mortgage scores, and (b) a recent test I ran suggests that the number of accounts with 50% or greater individual utilization is a big factor. So my advice to you is to let all but those 3 report zero balances, and to get that $1800 balance down to $1400.
Thanks for the info! Does this work for store cards to like BB?
Yes.
Except that the 3 cards you're using to report a non-zero balance shouldn't all be store cards.
Here's what my cards are atm.
Cards not paid yet
Dell Financial (open date 4/2021) =1450/3000 (0% for 24 months)
Paypal Credit (open date 10/2021)= 1800/3500 (0% for 24 months)
First Premier Mastercard (open date 1/2020) = 20/700 (24%)(Instructed to leave a small balance so I wouldn't get charged a fee)
Bestbuy Storecard (open date 3/2020) =260/1000
Cards paid with zero balance
Navy Federal Visa (open date 2/2019) = 1200/2000 (17.99%)(Paid another 1150 hasn't posted yet takes 3-4 days to do so)
USAA Visa (open date 2/2018) = 0/250 (17%, Secured Card)
Walmart Store Card (open date 4/2019) = 0/300 (24%)
Sams Club store card (open date 4/2019)= 0/100 (was 1500 but for some reason they lowered it several times in 2020)
Credit One AMEX (open date 3/2020) = 0/700 (24%)
AMEX Bluecash (open date 6/2021)= 0/1000 (17%, Wife's Credit Card, piggy backing on her card)
Credit One Visa (open date 1/2020) = 0/600 (25%)
The PayPal account should be kept at 1600 or less.
Some advice you didn't ask for: you don't need subprime cards, since you have some good stuff in there. If I were you I would immediately ditch that First Premier card. Then someday start looking at ditching Credit One.
