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Reduced Utilization from 42 to 35% - 50 point DROP - I hope someone can help me out!

K-in-Boston
Moderator

Re: Reduced Utilization from 42 to 35% - 50 point DROP - I hope someone can help me out!


@RSX wrote:

one of the first things everyone learns on this site, is that the CK scoring is not able to be explained....

 

I know - because i was one of them

 

anytime we see large increases or drops, it is usually a CK Vantage score - their scores swing like nobodies business

 

start looking at your FICO scores, which are 1. more accurate - 2. don't have unexplained volatility - and 3. are the ACTUAL scores that Lenders use

 


😂 This hit close to home.  2 years ago I simultaneously had FICO 8 scores in the 830s and Vantage 3.0 scores in the 690s.   Even on the most seasoned of credit histories, utilization, new accounts, and inquiries can wreak havoc on Vantage 3.0 scores.

 

OP, assuming nothing else changed drastically, congratulations on your forthcoming FICO score boost and being able to get those balances down!

Message 11 of 12
FireMedic1
Community Leader
Super Contributor

Re: Reduced Utilization from 42 to 35% - 50 point DROP - I hope someone can help me out!

Like I posted. Dont let CK physch you out. CK scores have always been 50 +/- points behind my FICO scores for years. You got a FICO 8 score in the 750's. That should tell you something. No worries. Be happy.




Homeowner since Sept 2020. Sharing my experiences after BK from learning here. Rebuild to recovery from the @ 540's.
Message 12 of 12
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