@RobertEG wrote:
Yes, it makes a big difference, Utilization is second only to payment history in FICO.2 plus 2 plus 2 equals 6. Basic "am I smarter than a first grader"But under FICO, 1 plus 1 plus 4 does not equal the same 6, except in overall util.FICO gives equal scoring to the overall 6, but different scoring to the 1,1,4.FICO scores weighs overal and indiv % utils the same.The one high util card is killing you. Get it down. Under 50% ASAP.
Message Edited by RobertEG on 05-27-2008 10:27 PM
Message Edited by RobertEG on 05-27-2008 10:30 PM
I know that it has been stated that FICO weighs each overall and individual uti the same, but I have read anecdotal evidence on these forums, as well as received proof (at least in my bucket) that overall uti is treated with more weight.
I recently received a Lowe's Card with a $2200 CL, carrying a $1976 balance on EQ. I was sure that I would get murdered for having that balance, once it hit. Net effect -2. Went from 777 to 775. Overall uti <30%.
Just my $.02 worth.
Starting Score: 469Current Score: 819
Goal Score: 850
Highest Scores: EQ 850 EX 849 TU 850
Take the myFICO Fitness Challenge
Nope, nothing of the sort. When I had one card, period, I saw the huge fluctuations in score due to uti. Recently went from 768 to 719 in eight days, because the CCC reported twice in one month (for Jan & Feb). Then brought uti to 5% and went to 790. I have taken incremental hits for new accounts, which brought my FICO down those 13 points. But the only thing that happened (literally within three days of my score dropping to 777) was that Lowe's reported. So, one card reporting 4% uti, three at 0%, and Lowe's at 90%. Negative two is all there was.
Starting Score: 469
Current Score: 819
Goal Score: 850
Highest Scores: EQ 850 EX 849 TU 850
Take the myFICO Fitness Challenge
Starting Score: 469Current Score: 819
Goal Score: 850
Highest Scores: EQ 850 EX 849 TU 850
Take the myFICO Fitness Challenge
@Anonymous wrote:
....Another collection dropping the score to 568 problem is this bill was paid over 2 years ago - the doctors office messed up. I called the collection legal department, again and was told by them that they all the information and would have it removed by 5/28/08.Well it is gone - thank goodness - BUT I am told by the FICO reps that I am just going to have to wait for my score to work its way back up - that is just not right - I have fought for over 4 years just to get to this point and to have a paper work glitch make me take 2 steps back it really bites. Any help would be greatly appreciated.
Welcome to the forums, and sorry to hear you've had such a mess to deal with!
Not sure exactly what was happening when you talked to the myFICO CSR. It sounds like the doctor's office agreed to remove the collection report, but has it hit your credit reports yet? There are usually delays involved in this process: the creditor agrees to remove the derogatory, and then they report the removal to all three credit agencies, and then the three credit agencies finally take it off your reports. Your score won't reflect that it's gone until the credit agencies are notified to take it off your reports, AND they actually do this.
When someone pulls your scores, they are automatically generated by what is showing on your reports at that moment. If the good news hasn't percolated its way to the actual report yet, your score won't show it. As soon as each credit agency removes the collection, each score will jump back up.
Getting stuff to update on your credit reports can be an awful lot like waiting on things to happen in the military, or God forbid, the VA.
