Question about utilization payoff

Delgadido · ‎04-21-2014

So I just moved and am awaiting payment from the car dealership back from where I moved from. I had a credit score of 704(dropped from 734) and at the highest of 60% credit utilization.

When I get the funds and pay for my cards in full, will it bring my credit score back up to 734?

Starting Score:

Starting Score: 664Current Score: 753Goal Score: 800
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user5387 · ‎04-21-2014

If the high utilization is what caused your score to drop, then paying it off should restore your score.

Utilization has no memory.

Delgadido · ‎06-07-2014

Following up with this. my Fico score is now 740 after payoff

Starting Score:

Starting Score: 664Current Score: 753Goal Score: 800
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EW800 · ‎06-07-2014

@Delgadido wrote:
Following up with this. my Fico score is now 740 after payoff

Outstanding!

I know in my case, dropping UTIL had a big impact on my scores. Thank goodness FICO has not memory of UTIL, otherwise I would be in trouble from my past!

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Sept 2024: EX8: 847; EQ8: 850; TU8: 848 -- Middle Mortgage Score: 821
In My Wallet: Discover $73.7K; Cap1 Venture $51.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $24.5K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $22K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $300K+
My UTIL: Less than 1% - Only allow about $20 a month to report, on one account. .