My Utilization went from 64% to ~33%, What kind of bump up can I expect in my score?

[Girac]

I reduced several large balances by almost 7000 bringing my utilization into the 32-34% down from 64% Would it be better overall to bring it under 30% to mazimize my score? I can scrape a few more bucks to do it if it will give me a big jump up in points otherwise I can do it over the next month. Hoping Discover and Cap 1 will report soon after my statements closes.

I plan on buying a car in the next few months and looking for the best financing deal.

[ctxinfl]

I dropped mine from 90% to 60% and saw an eight point increase.  I then dropped down to 2% utilzation and saw zero increase.  It's basically random.  If the MyFico gods look upon you with favor you'll see an increase.  If not, you'll see nothing or maybe even a decrease.

[DeadlyPersona]

I totally agree.....it's a BIG IF.......I've been bringing my utilization down each month and with each alert of a balance decrease and balance precentage decrease I may get 1-4 points increase in my score or I may get 0 points increase in my score.  It all depends on what ctxinfl calls the MyFico gods lol.

[Girac]

Thanks for the prompt replies. My due date is the 1st, I think statement close is the 4th. I will upate you all when Discover and Cap1 report m y new balances.

[joshall]

From my experience, once the new balance has been reported, your score can raise 30 points within 1 reporting.

What is your score right now? I can perhaps speculate a number for you. lol

AND, where do you get your score? From here? From CK? CS? Credit.com? They are all different.

[Anonymous]

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@ctxinfl wrote:

I dropped mine from 90% to 60% and saw an eight point increase.  I then dropped down to 2% utilzation and saw zero increase.  It's basically random.  If the MyFico gods look upon you with favor you'll see an increase.  If not, you'll see nothing or maybe even a decrease.

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Please stop saying this, it is not random.  An algorithm is not random.  Fico does not do random, willy nilly.  The scores are designed to give a snapshot of your credit.  Dropping your utilization from 90% to 60%, while good, is not all that great.  As mentioned, your utilization dropping to 2% doesn't necessarily mean that your scores will not go up in the next few weeks.  

[Girac]

MyFico, here, is showing 666 now, Discover is showing 670.

[jamie123]

The higher your starting score, the more points utilization has an effect.

You didn't mention how many cards you have. It would be best if you can get as many as possible reporting $0 because you lose 3 to 5 points for each card more than one that reoprts a balance.

[ctxinfl]

 Random is a better explanation than the current scoring methodology.  You can make all the excuses for MyFico that you want, though any algorithm that does not result in a score increase when dropping credit card utilization from 60% to 2% isn't logical.  This little three digit score has too much power over our lives for it to have the ability for that manner of ridiculous result.

Just because MyFico works on an algorithm doesn't mean it is a good algorithm.  If it was perfect they wouldn't tweak it on occassion.  

[NRB525]

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@ctxinfl wrote:

 Random is a better explanation than the current scoring methodology.  You can make all the excuses for MyFico that you want, though any algorithm that does not result in a score increase when dropping credit card utilization from 60% to 2% isn't logical.  This little three digit score has too much power over our lives for it to have the ability for that manner of ridiculous result.

Just because MyFico works on an algorithm doesn't mean it is a good algorithm.  If it was perfect they wouldn't tweak it on occassion.  

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Please share what your MyFICO scores were/are. Thanks.