Dropping revolving debt util by 1/3

[Anonymous]

Hi, I recently paid off some CCs. My revolving debt utilization will go from completely maxed out to ~64%. Any guesses as to the effect on my FICO score?

Last month's scores: EQ 671, TU 640. Perfect payment history, no negatives. 2 new accounts in the last few months. Average age of account 6-7 years, oldest account 11 years. My debt is about $11k in revolving, $27k installment loans (mostly student loans in standard repayment).

Thank you!

[Anonymous]

You may see 10 points or so across the board, but as anyone will tell you that chimes in it really depends on the overall profile and results will vary from person to person.

I dropped my overall utilization from 44% to 5% a couple of months back and asked a similar question to yours and I got the same type of response I just gave you.  It turns out that my scores AT BEST went up 2-3 points per bureau when I was hoping for more in the 10-20 range like a few people suggested could happen.

[Anonymous]

Thanks for the response!

My feeling was that if debt utilization is 30% of the FICO score, and I was at the extreme bad end of that metric, that it would have a bigger effect. Oh well -- I'll take what I can get. Wait and see I guess.

[SouthJamaica]

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@Anonymous wrote:

Hi, I recently paid off some CCs. My revolving debt utilization will go from completely maxed out to ~64%. Any guesses as to the effect on my FICO score?

Last month's scores: EQ 671, TU 640. Perfect payment history, no negatives. 2 new accounts in the last few months. Average age of account 6-7 years, oldest account 11 years. My debt is about $11k in revolving, $27k installment loans (mostly student loans in standard repayment).

Thank you!

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I don't have an answer to your question, but congratulations on going from maxed to 64%. I know it's not easy.

[RonM21]

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@Anonymous wrote:

You may see 10 points or so across the board, but as anyone will tell you that chimes in it really depends on the overall profile and results will vary from person to person.

I dropped my overall utilization from 44% to 5% a couple of months back and asked a similar question to yours and I got the same type of response I just gave you.  It turns out that my scores AT BEST went up 2-3 points per bureau when I was hoping for more in the 10-20 range like a few people suggested could happen.

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+1

This is pretty much what it comes down to.