Fico Pie Chart Part I. Amounts Owed

[Anonymous]

My question is If my overall debit utilization is 51% overall and one new account in which I got a 0% interest loan that has a 90% utilization (bowflex), which caused my fico to drop 25 points. If I payed the amount owed will my score more than likely rebound to the exact number hypothetically if my debt total debit utilization becomes 0. I don't know if this is of any truth but the fico representive told me that they also look at your fixed loans in this section of the pie chart too. I didn't believe her because it seemed like useless data, being that their is nothing to compare it too, like an income since my fico score shows no income. Perhaps if I were to get a morgage loan then it would take into effect my debts including Fixed Loans like car payments , morgages, etc... So from what i know the Fico pie chart part I. Amount owed is broken down into overall debt utilization and individual revolving credit utilization. You get a total of X number of points if it is at 0 and lose perhaps 150 points if you max it out...

[Anonymous]

In this case probably yes. But if they hit you with an inquiry it will take many months before you rebound from that. I would need to know how much of the 51% is from the BowFlex. You might have just been hit with a 10 point loss from a new account and 15 point loss for an inquiry or something like that. 6 months will fix that.

[Anonymous]

And does BowFlex fall under Revolving or Installment? That makes a huge difference. Revolving hurts your score more.

[Tuscani]

BowFlex will use HSBC or HelpCard. Both are revolving.

[Anonymous]

In regards to your comment, . "In this case probably yes. But if they hit you with an inquiry it will take many months before you rebound from that. I would need to know how much of the 51% is from the BowFlex. You might have just been hit with a 10 point loss from a new account and 15 point loss for an inquiry or something like that. 6 months will fix that." I received the loan in 12/06 and I agree with the 10 point lose from the initial loan but disagree with the 15 points for inquiry. Inquiries usually effect the score initially in an average of 5 points. *****But to answer your question at the time my total revolving credit limits added up to 7400 and the bow flew was about 2700. I'm sure I was using another 1000 on my American Express card. However, it wasn't until yesterday that my American Express was increased from 2000 to 15,000 so I'm sure that will bring my Utilization down to around 18%, also my credit on my "bowflex account" is pretty much maxed out with a 3000 limit with $2700 on it. I plan on paying it off before December. But I see your point if it was just amount owed then my credit should bounce back to the exact number but since I still have a new account added plus the inquiry. Then I should expect a little drop from the orginal score. I excited to see what my new credit limit does. Not to mention that fact that I also added a year to 4 new accounts this in July not to mention 9 Inquires falling of in July as well. I think I will see a good 50-75 points to the score.

[Anonymous]

I tested increasing CLs to offset balances. It didn't work for me. The original balance still reflected the credit lines at the time the balances were posted. Only paying down the balances reflected my scores. New charges reflected the new higher credit limits for UTL. I have only tested this once but thats how it worked for me.

[MidnightVoice]

Everyone except EX was very impressed when my utilization dropped to less than 5% because of a new card with a high limit and zero balance 

[Anonymous]

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@MidnightVoice wrote:

Everyone except EX was very impressed when my utilization dropped to less than 5% because of a new card with a high limit and zero balance

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I asked for big CLI on a card that had a $0 bal, to lower my over all UTL which did not raise my score. I wonder...

Question? When you added your new card with new card limit did your new limit lower preexisting UTL and raise your FICO score with out transferring the balance to it? Or did you transfer a balance to it?

Just trying to learn. This would be good to know. Thanks.

Message Edited by ilovepizza on 06-14-2007 01:33 PM

[MidnightVoice]

I didn't do a balance transfer at all, and I got an immediate jump from scorewatch within two days of it hitting EQ.  No other changes at that time.  And it was a Juniper/Barclys card

Of course, when I got my credit report recently EQ was really upset that I had got new credit without a hard pull from them    They seemed annoyed that it had increased my score by 10 points 

For the previous new card they gave me 10 point bump and no nasty comments about new credit because the hard pull was from them, and they could complain about that 

[Anonymous]

Thank you :-)

Message Edited by ilovepizza on 06-14-2007 03:13 PM