I need help with utilization reduction vs ficos

[SUPERSQUID]

I am presently paying down my utilization which went a bit high due to expensive dental work and some legal matters.

I know I read a post a while ago that had utilation rises and fico drops ie 49 pct util drop, 89 pct util drop etc from 100 pct to 0.

Thank you.

[FicoMike0]

There's some info here

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Credit-Scoring-Primer-pub-5-17-20/m-p/60...

Seems to say,

70-100%, -70 to 100 points

30-69% -25 to 50 points

10-29% -5 to 20 points

[GZG]

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@SUPERSQUID wrote:

I am presently paying down my utilization which went a bit high due to expensive dental work and some legal matters.

I know I read a post a while ago that had utilation rises and fico drops ie 49 pct util drop, 89 pct util drop etc from 100 pct to 0.

Thank you.

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list out your cards, their limits and their utilization and we can make a plan for how to work to pay them down, but in general:

get anything over 89%, under 89%

then get stuff under 49%

then get stuff under 29% 

then get stuff under 9% 

but honestly, unless you have a credit reason for doing so, Finances over FICO, pay them down in the manner that will save you the most money on interest 

[SUPERSQUID]

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@GZG wrote:

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@SUPERSQUID wrote:

I am presently paying down my utilization which went a bit high due to expensive dental work and some legal matters.

I know I read a post a while ago that had utilation rises and fico drops ie 49 pct util drop, 89 pct util drop etc from 100 pct to 0.

Thank you.

---

list out your cards, their limits and their utilization and we can make a plan for how to work to pay them down, but in general:

get anything over 89%, under 89%

then get stuff under 49%

then get stuff under 29% 

then get stuff under 9% 

but honestly, unless you have a credit reason for doing so, Finances over FICO, pay them down in the manner that will save you the most money on interest 

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Thanks. I already have a plan. I turned 65 last year and I was eligible to start collecting my 2 pensions, 1 small and one larger.

I am divorced and the divorce judge awarded the small pension totally to me and I started collecting that one right away but the big one required a QDRO document since the divorce judge awarded my ex wife a chunk of that pension. It took me a year and an expensive lawyer but I finally started collecting the bigger pension last month.

Now I have sufficient funds to start paying them down. I have a lot of cards and 5 of them are balance chasing me so I am paying just slightly above the minimum on those for now. 

There is a credit card payoff calculator online and after I put in the info for each of my cards I developed a payoff plan. I will payoff the balance chasers last since they might chase me as I pay them off negating my efforts to bring down my utilization on those cards.

My other cards besides the balance chasers will be paid off in less than 5 years and a few in less than 3 years.