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Hi, the magic threshold number is 8.9%.
@Anonymous wrote:
This is my first month using myFICO - I was wondering if the scores aren’t adjusted until the monthly credit report is pulled again
@kilroy8 wrote:
Hi, the magic threshold number is 8.9%.
If your utilization was above 28% and you paid it down to 10%, you may see a slight bump in your scores on the next credit report. However, you will see optimal results if you pay your cards below 8.9% as mentioned.
Even better: if you pay all your cards down to 0, but leave just one at around 1% - 8.9%, you will have achieved the maximum amount of points possible in regard to utilization.
@Anonymous wrote:
I recently paid my three credit cards down to 10% balance on each. According to the myFICO simulator, this should have resulted in a 10-30 point increase across the three bureaus. However, my score did not increase at all for any of the bureaus. This is my first month using myFICO - I was wondering if the scores aren’t adjusted until the monthly credit report is pulled again, or if there really wasn’t an impact for paying down these cards. Any insight is appreciated. Thanks!
A few points:
If you could reply back with the data requested from the center bullet-point above that would be helpful.
@kilroy8 wrote:Hi, the magic threshold number is 8.9%.
If the OP is coming down from 28.9% or less, that is usually true... but we don't know if he's coming down from something higher, like (say) 75% or something.
@Anonymous wrote:
Hi everyone,
I recently paid my three credit cards down to 10% balance on each. According to the myFICO simulator, this should have resulted in a 10-30 point increase across the three bureaus. However, my score did not increase at all for any of the bureaus. This is my first month using myFICO - I was wondering if the scores aren’t adjusted until the monthly credit report is pulled again, or if there really wasn’t an impact for paying down these cards. Any insight is appreciated. Thanks!
1. The simulators aren't significant.
2. Try to keep your aggregate revolving utilization at 8.9% or less.
3. Try to have 2 of the 3 cards report zero balances if possible.
4. As to when the scores are 'adjusted' it depends where and how you're getting your scores.