? For folks with 750 + Fico Scores

[Thomas_Thumb]

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SouthJamaica wrote:    

T_T I don't think your experience is necessarily transportable to those of use who do not have 850 scores, as you are probably being buffered. Whenever I have an individual card go over 29%, even if it is only at 31%, I lose a significant number of points, regardless of how little utilization there is on the others.

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SJ - I define significant as a change of 10 or more points. There are many posters with scores in the 700s that have not seen a significant score change associated with allowing a card to report utilization in the 50% to 69% range. Revelate comes to mind as someone reporting little or no change. I do advise keeping individual cards under 29% for optimal score potential. However, if the OP wants some flexibility I say: as long as aggregate is held below 9% an excurision on a single card above 29% but below 69% on a single card is nothing to worry about. The OP should test how his profile reacts as there is no lingering impact.

[Anonymous]

I read somewhere that folks with scores over 800 generally use ONLY 8% or less of their available credit, fair statement?

[sarge12]

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@Anonymous wrote:
I read somewhere that folks with scores over 800 generally use ONLY 8% or less of their available credit, fair statement?

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I would say for overall agregate utilization that is probably way higher than most 800+ score holders use. Keep in mind that most of us with that high of a score have built it over many years and have high limits...mine total about 150k...and it is never over 5%.

[Anonymous]

Thank you!

[Anonymous]

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@Anonymous wrote:
Hello friends, since I'm a bit of a novice in this area...in my quest to reach 750 Plus, i know utilization is everything to lenders, i know to keep it in the single digits if possible. As long as i keep it low, could you still theoretically use one card above 30%, as long as your overall usage remains low, or do lenders see one card above that and get nervous. Thank you in advance for any and all responses.
My goal anywhere above 800!😁

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CC uilization is one of the more important factors, but there are others too.  So it's important, but not everything.

Great comments by all the others.

Slightly off topic, but just to help you with that 800+ goal, do you have any open installment loans?

[Anonymous]

Yes 13k auto

[Anonymous]

On that auto loan, how much was the loan originally for, and how much do you owe now?  One of those is 13k, but not sure which one.

[Anonymous]

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@Anonymous wrote:

On that auto loan, how much was the loan originally for, and how much do you owe now?  One of those is 13k, but not sure which one.

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15,550, 13, 288 owed now, 2 yo now with Ally.  I have two PIF auto loans on my file. 

[Anonymous]

OK.  As you pay that loan down (assuming it your only open loan) you will start to get some scoring benefit from a factor folks here often call Installment Utilization.  (It's like CC utilization, only it refers to how much of your open installment loans you have paid off.)

As you get close to paying that loan off, circle back with the folks here to learn about a trick you can do with a small personal loan to make sure you keep all the scoring points you get from having that mostly paid off auto loan.

[Anonymous]

Ok perfect thank u sir