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Individual Utilization VS Aggregate

Mdowning30
Frequent Contributor

Individual Utilization VS Aggregate

My total utilization was 27%, i paid down my CFU leaving 2%, but my Cap1 is due next week and has over 50% utilization on it. I could transfer the balance to the CFU ? I will pay down on it i just cant PIF  by the time the statement cuts by the 20th. Unless my new total credit limit is reported by the end of this month that will automatically lower it down.

Chase Freedom Unlimited (1/2022): $1500 | Discover It Chrome (5/2022): $2000 | AmEx Charles Schwab Investor Card (5/2022): $6000 | Chase Sapphire Preferred (6/2022): $5000 | Chase Amazon Prime Rewards (7/2022): $500
Total Credit Limit : $15000
As of 4/2022: Experian FICO 8 : 659 | Experian Vantage : 677 | Equifax FICO 8 : 622 | MyEquifax : 630 | TransUnion FICO 8 : 629 | TransUnion Vantage : 677
Starting Score: 512
Current Score: 659
Goal Score: 670+

Take the myFICO Fitness Challenge
4 REPLIES 4
SouthJamaica
Mega Contributor

Re: Individual Utilization VS Aggregate


@Mdowning30 wrote:

My total utilization was 27%, i paid down my CFU leaving 2%, but my Cap1 is due next week and has over 50% utilization on it. I could transfer the balance to the CFU ? I will pay down on it i just cant PIF  by the time the statement cuts by the 20th. Unless my new total credit limit is reported by the end of this month that will automatically lower it down.


If you can get both accounts reporting at 28% or less that will help your scores a little, but it's not worth it to incur a balance transfer fee.


Total revolving limits 699000 (597000 reporting) FICO 8: EQ 732 TU 721 EX 698

Message 2 of 5
Shooting-For-800
Senior Contributor

Re: Individual Utilization VS Aggregate

9, 29, 49, 69, 89

I would just get the card under 49% asap and not worry about transfers.

Just start pushing payments towards it as you can.

Time will balance everything out.

 

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2022.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!


Message 3 of 5
Mdowning30
Frequent Contributor

Re: Individual Utilization VS Aggregate

I could get the Cap1 down under 29%.

Chase Freedom Unlimited (1/2022): $1500 | Discover It Chrome (5/2022): $2000 | AmEx Charles Schwab Investor Card (5/2022): $6000 | Chase Sapphire Preferred (6/2022): $5000 | Chase Amazon Prime Rewards (7/2022): $500
Total Credit Limit : $15000
As of 4/2022: Experian FICO 8 : 659 | Experian Vantage : 677 | Equifax FICO 8 : 622 | MyEquifax : 630 | TransUnion FICO 8 : 629 | TransUnion Vantage : 677
Starting Score: 512
Current Score: 659
Goal Score: 670+

Take the myFICO Fitness Challenge
Message 4 of 5
coldfusion
Community Leader
Mega Contributor

Re: Individual Utilization VS Aggregate


@Mdowning30 wrote:

I could get the Cap1 down under 29%.


That would likely help, but keep in mind that the impact on scoring due to utilization is transient - if you don't get down to that 29% number this month your scores may take a hit but if you make it next month your scores will recover.   

(8/2022)
FICO 8 (EX) 830 (TU) 834 (EQ) 831
FICO 9 (EX) 839 (TU) 848 (EQ) 846

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 5 of 5
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