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Somewhat random utilization question

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Anonymous
Not applicable

Somewhat random utilization question

So it's super late (like 2 am)and I woke up wondering this (ridiculous I know). If my available credit went from about 5% on 5k across 5 cards, to about 5% on 28k across 6 cards, will I likely see a nice score increase or will it stay the same because the score is based on % of utilization and not dollar amount? That might be a dumb question but I just can't figure it out and I'm patiently waiting for my new card to report...by patient I mean laying here not sleeping thinking about my dang credit score 

5 REPLIES 5
tcbofade
Super Contributor

Re: Somewhat random utilization question

Good morning.

 

5% is 5%, and I don't see your score changing much because of it.

 

Good luck tho!

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 2 of 6
Dalmus
Valued Contributor

Re: Somewhat random utilization question

If your overall utilization stays at 5%, your score shouldn't change much as long as any individual card still also has low utilization.

 

Although "number of cards with balances" *is* a reason code that shows up on in denial letters.

 

Something to keep in mind.

NFCU MR: $25K | Venture: $21K | Amex ED: $18K | NFCU CR: $18K | Amex BCE: $15K | IT #1: $17.5K | PNC Core: $15K | PPMC:  $12K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $7.3K | MLife: $9.5K | Sportsman's Guide: $8.7K | PenFed PR: $5.5K | Elan Plat: $2.3K | TRV: $3.6K | BotW: $3K


Current FICO 8 Scores: EQ: 828| TU: 805 | EX: 814


Message 3 of 6
AllZero
Mega Contributor
Anonymous
Not applicable

Re: Somewhat random utilization question

Super helpful! Thanks y'all!

Message 5 of 6
Anonymous
Not applicable

Re: Somewhat random utilization question


@Anonymous wrote:

So it's super late (like 2 am)and I woke up wondering this (ridiculous I know). If my available credit went from about 5% on 5k across 5 cards, to about 5% on 28k across 6 cards, will I likely see a nice score increase or will it stay the same because the score is based on % of utilization and not dollar amount? That might be a dumb question but I just can't figure it out and I'm patiently waiting for my new card to report...by patient I mean laying here not sleeping thinking about my dang credit score 


There seems to be a significant penalty for 100% of cards reporting a balance on EQ/TU 8/9 scores, so if you want a score boost one month, have 1 of the 6 report $0. It's not necessary to do this every month. Experian 8 score is unaffected.

 

You can get that penalty with even 1% utilization.

Message 6 of 6
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