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I have a 5k limit secured BoA rewards card that I opened over 4 years ago to improve my credit. Why i didn't open 4 different 1k limit cards instead IDK this is my only CC period no store cards etc.
2 months ago I was at 73% utilization and scorewatch said "very high utilization", then....
1 month ago I was at 50% utilization and scorewatch said "very high utilization", and my score remained EXACTLY the same.
So is there absolutely no difference between 50% and 73% utilization, and both are considered very high?
And
Today I completely paid off my CC, in fact I paid 400 extra so will I get any points for that? And if so is anyone willing to take a stab at how many? I can give more details about my credit if need be.
My other question is concerning the secured part of the BoA card.
What causes it to become unsecured? Its been over 4 years now and they haven't done it yet. Is it a certain score range or what?
I have a TU and EQ score here on myFICO so I went and ran the simulator for what would happen if I paid the entire balance over 1 month. (NOT the simulate best action 24 month option).
On EQ it said I would get 40 to 80 points
on TU it said I would get 60 to 100 points.
So does the simulator take into account other things? Both reports are the same as far as my CC goes both have exact same info. Are other factors like collections etc somehow causing scores to go up or down more or less? I thought utilization came from its own pool or points?
Do you think these are at all accurate or too high of an estimate on what I can expect?
When I was paying down the family's credit card balances, my score hovered within a small window until I went below 30% utilization. Then my score shot up by a good 30 points. I have zero other negative marks on my report. If you have a collection or other negative mark you'll be in a lower bucket which effectively limits your score to a pretty low maximum. If there are no other negatives, it shluld be a big jump if you pay down the card.
Just an observation from my experience, but TU scores seem to lose more points for high utilization. EQ said I had high utilization at 45% but did not complain at 34%. TU complained about high utilization until the cards got below ~30%.
End of January, with 45% utilization EQ was 740 and TU was 720.
Beginning of April, with 23% utilization EQ was 768 and TU was 769.
You have a much thinner file, fewer cards, etc .... so I cannot guess how big a jump might be. But it should help!
I was trying to find info on this bucketing thing and figure out which I might be in. While searching the forums I found this thread and according to the second to last post I would have a "thick dirty file".
Has anyone seen a better explanation of bucketing or maybe a chart thats more specific.
@hideous wrote:I was trying to find info on this bucketing thing and figure out which I might be in. While searching the forums I found this thread and according to the second to last post I would have a "thick dirty file".
Has anyone seen a better explanation of bucketing or maybe a chart thats more specific.
FICO does not release this information, so I doubt you would find it anywhere.
Back to your original questions, yes you should expect a big jump in score when your new statement balance gets reported
hideous,
I am somewhat new to the forum, but have been subscribing to scorewatch since march of this year. Here is my experience with Simulator, you will get a ballpark figure.
So don't expect the high numbers in the range. I am happy to gain 35 points.
Edit: the other activities factor into this too, i didn't had too many others to report except few new inquiries( I must have lost 1 or 2 points there)
2013 Feb EQ: 550 | 2017 Feb EQ: 722
@hideous wrote:I was trying to find info on this bucketing thing and figure out which I might be in. While searching the forums I found this thread and according to the second to last post I would have a "thick dirty file".
Has anyone seen a better explanation of bucketing or maybe a chart thats more specific.
This may help you better understand what it is and how it works:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Re-bucketing/td-p/1434216