Overlimit on a 200 dollar store card?

[Anonymous]

Is this just as bad as far as FICO goes as being overlimit on a 10,000 CC? 

Would being overlimit on 4 low limit cards be a huge score killer if my total revolving utilization is 40% or so?

[fused]

FICO util calculations only factor in the percentage of credit being used, so it doesn't matter if a credit card has a $200 or $10,000 limit. One more thing to know, OTL (over the limit) is worse than maxed out. Your FICO score will take a bigger hit for being OTL.

As for other aspects in FICO scoring, you might be a little bit better off with owing say $225 versus $10,250. Outside of FICO util calculations, "balances" (money owed) will affect scores. That said, this part of FICO scoring doesn't carry nearly as much weight as revolving util calculations.

[Anonymous]

So it's safe to say that these 4 OTL low balance cards are killing my scores?   At least I have some low hanging fruit....

[LIGHTNIN]

Yes its killing your FICO scores. 

From what I understand FICO sees util for each CC, then there is a total util of all CC, for a another part of the FICO scoring.

I'm still learning here, so I maybe a little off on how it all works.

[fused]

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@Anonymous wrote:

So it's safe to say that these 4 OTL low balance cards are killing my scores?   At least I have some low hanging fruit....

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Oh, yeah!

Do you know what your EQ and TU FICO scores are? And, do you have any bad stuff (collections, charge-offs, lates, public records, etc.) on your reports? If so, how old?

[fused]

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@LIGHTNIN wrote:

From what I understand FICO sees util for each CC, then there is a total util of all CC, for a another part of the FICO scoring.

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You are correct!

[Anonymous]

So fico takes into acct the individual util%?  I have two cards that will report some time next month, but not at the same time.  One of the cards has 108% utll that will go to 0% and the other is 136% that will go to 0%.  When they all have reported, I will have a total of 2% util, on all of my revolving accounts.  My question is would I get a score based on the individual cards reporting by themselves, if so what kind of point estimates would I be looking at for each card reporting individually?

[Anonymous]

Yes, I'm terribly embarassed about my scores but I just pulled TU from this site since that report is much dirtier than EQ and it is 554.  I have some paid CO's from late 2006 and a couple collections.   One being a few years old and unpaid and the other 11 months old but I'm trying to pfd both before doing anything.  My revolving accounts all have a few late payments here and with the most recent being from May 2009 so it has almost been a full year.   I have an auto loan with perfect history and a fair amount of old and open accounts with a perfect history.

[fused]

In all honesty, I would have expected your EQ FICO to be a lot lower with 4 OTL cards and lates and a collection less than one year old. Paying down revolving debt is the fastest way to improve FICO scores.

[Anonymous]

Maybe that means I won't get a big score increase for paying these down?  Really trying to get to 620 or above here.  I had my EQ at 624 last time I checked but TU seems to be way behind.