My Profile - Fico 8 - High Utilization

[cj1132]

Another Update from CCT:

BoA and USAA payments have updated on all three bureaus.

EX - 746

TU - 750 (+4)

EQ - 744  (+3)

My inquiry from EQ turned 2 years on the 26th and is now gone.  I am iniquiry free on all three reports.

In using the EX simulator, I get a ten point boost in four months on revolving accounts even if I go as low as $15 per month total payment.  I won't be crossing any AAofA threshold.  As mentioned previously, I have a $30 medical collection from October of 2012.  However, the CA didn't update it until November of 2013.  It will be two years since it was updated in four months.  Could this be the cause of the potential ten point increase?

Also, my Chase account, which was 30 days late, shows the late payment status update as of August 1, 2010 on EX and August 12, 2010 on TU and EQ. I don't think this will matter but will wait and see.

I have two smaller payments reporting on the lowest utilization cards in the next few days and don't anticipate any score changes from those.

I plan to pull a 3B report from Myfico in early August  and see where my mortgage scores are at.  I may consider a refinance on my mortgage depending on the scores.  When pulled in February, EX was at 712 and EQ was at 705. TU wasn't offered at the time.  I'm hoping to get my middle score to 720 but don't know if they will be there yet due to the collection and late payment.  

[NRB525]

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@jamie123 wrote:

You have really great and well aged credit!

The only thing that is hurting your scores is the high UTI. Inquiries stay on your report for 2 years but stop affecting your score after 1 year. The medical collection is small enough and old enough to not be affecting your scores now.

You will see a bump in your scores when less than 50% of your total card count reports a balance. Your scores will keep increasing as you pay your balances down to below 10%. You will see your highest scores when you have only 1 or 2 cards reporting balances and you are below 10% UTI.

With your credit profile I think you should end up with scores in the 800s.

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Please try to put a number to these. Something? yes. A large number? I doubt it.

This is where the significant change in score will come from.

This will be overwhwlmed by this in the sequence OP is likely to follow.

[cj1132]

I'm still waiting for Chase Slate and Universal to update.  My Universal card hasn't updated since June 1st so there are two payments to update.

Something very strange happened today when I ran my CCT EX report.  My $30 medical collection is not listed.  I checked the report from yesterday and it was there.  I hope it's not a fluke and it's really gone.

No score change.

[cj1132]

I ran the 3B report on CCT today to see if my medical collection had been removed from EQ like it had been on EX and it was still there.  I probably shouldn't have done it because now I have to wait 21 days for another free pull.  

I was using the EX simulator and for the first time since I've been using it, I was given an 850 score as a possibility.  It will be possible in 24 months if I get my utilization down to 5.5% or less.  My late payment for Chase will drop off at 24 months and my medical collection has mysteriously disappeared, therefore, I would have a clean report. There is a 20 point jump from 23 months to 24 months.  Prior to this, the highest I could get by paying my balances way down was 806.  I will try to GW Chase again as it's been five months since my last try.

It's been suggested that I need to get from 5/9 to 4/9 cards with balances.  I actually could pay off two cards but I'm hanging on to the money in case I decide to refinance.  I want to have some home maintenance done and have plenty for closing costs if I decide to go that route.  I will pull my 3B report from Myfico on August 8th and see where my mortgage scores are and make a decision.  If I decide not to refinance, I'll pay off a card.

[Thomas_Thumb]

You are moving in the right direction. At this time continue to drive down your aggregate utilization.

Once it drops below 20% then put more focus on # cards reporting during any given month. Once you are under 20% try stepping down to 3 cards reporting.

Side note: While utopia is under 10% utilization, 10% to 19% utilization is still quite good for scoring potential.

Good luck!

[Anonymous]

Any updates on this fascinating story?

[cj1132]

It's been a dull last six weeks as far as my credit with no score changes.  I've been paying down balances but haven't made as much progress as I'd hoped.  Had to buy new tires for my car and a new lawnmower.  Put them both on a rewards card and paid off before statement cut so it wouldn't screw things up.  I'm learning.

CCT finally showed a score change on EX.  One of my Chase cards went from 50% to 49% and I gained nine points.  Absolutely no other changes on my report -- no total utilization change or age changes.  I wasn't expecting this at all so it was a nice surprise.

Will run a 3B report in six days when I'm allowed another one to see if EQ or TU changed.

[Anonymous]

Stay positive and encouraged. You're doing a great thing. And we love the data and insight you're sharing. Update us at the end of the month. 

[cj1132]

Was able to pull a 3B report for CCT today.  The only change on all three from last time was paying a Chase card down from 50% to 49%.  On my profile, it made a difference on all three.  No changes in total utilization percentage or age since last time.

EX   755   (gain of 9 points)

TU   752   (gain of 2 points)

EQ   752   (gain of 8 points)

TU had the smallest gain and is my only clean file.  Both EX and EQ have a 30 day late payment that is 5.2 years old.

[lhcole77]

Loving this thread. Thanks for posting.