Interesting Find From Lowering Indiv & Overall Utility

[jbh]

Edit:

What was once a question regarding the importance of individual and overall utility is now a personal case study that hopefully some newcomers can learn from (or math geeks)

TU and Experian are my test studies as their reports are identical (except Experian has the CJ account posting, not TU, and TU has the paid down card utility for Orchard and Experian doesn't. So both will likely be 100% identical 9/12 or so)

It'll provide an interesting analysis, all things =, of how each affect us over time.

Message Edited by jbh on 09-07-2008 06:54 PM

[jbh]

Update: EX was 616 with $329 balance on Orchard ($300 limit, not sure how it got there. Didn't update my $295 payment yet) as well as $5 on First Premier.

With addition of CJ, it went from 616 to 630. 14 point jump. So, with an individual account still 100+% util, the jump was minimal. When EX FINALLY updates my true orchard balance ($17 out of $300) I will update you on the jump. I am HOPING that the reason the jump was not large was due to a hit in age

(8 year oldest tradeline is auto and avg of 3 years with 2 accounts before CJ hit)

Wondering if CJ was a *huge waste of time* or not

Message Edited by jbh on 09-06-2008 10:42 PM

[jbh]

Interesting update if you are a geek for numbers and score jumps:

Transunion didn't update with CJ ($2500 balance) but it did report my Orchard Bank payment. Utility on that card went from 100+% (oops) to 6%. With that, plus an old mistaken 30 day late from 2001 being deleted, I earned FIFTY FIVE POINTS!

I'm sure a large chunk of that was balance. So, that's one sign of the impact individual cc has. While I was about to pat myself on the bank for CJ boosting limits and lowering util, I am glad that I didn't sit on my butt and ignore the importance of Individual utility.

Now, the REAL test comes in a few days with Experian. It is identical to Transunion except for the fact that it already has CJ and is awaiting the orchard bank paydown. When that updates, I will report the score change. Hopefully, some of you will not only be inspired to do the same and always remember to rebuild before attacking new accounts (inquiries).

Guys, I could not do it without you. I hope you do not mind an extra reply, I'd rather add it to this targeted topic than start a new thread.

Thank you.

[GFer]

Wow! That's a lot of points! Wish I could do something to get points like that! LOL

As others have said...credit gardening is boring when you've done all you can...(sigh)

[haulingthescoreup]

* geeks? * Did I hear a call for score geeks?

Nice work on the Orchard. I don't know how much impact that ancient late had, unless it was your only one, but it just goes to show how much leverage util carries.

Glad Orchard finally reported for you. They (and cousin HSBC) can be a real PITA in this department.

[jbh]

Yeah, it was the only reported late and since it was from 2001, I doubt it impacted it much. Now I just need EXP to receive the orchard balance update and hope that when CJ reports to TU, it doesn't *drop* the score.

[haulingthescoreup]

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@jbh wrote:
Yeah, it was the only reported late and since it was from 2001, I doubt it impacted it much. Now I just need EXP to receive the orchard balance update and hope that when CJ reports to TU, it doesn't *drop* the score.

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Actually, if that was your one-and-only negative of any kind, you've been promoted to the clean history bucket!

Congrats--I hope to be there myself one day. In about five and a half years.

[Anonymous]

Congrats, jbh!

[jbh]

Hauling>>Nope, have 3 ca's that will fall off by May '09. I'm hoping that I can get up to 700, from 655, when they are off.

[haulingthescoreup]

And THEN if you have no derogs, you'll be in the clean history bucket!

I'll bet you'll be better than 700 at that point.