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The Truth about Credit Card Utilization

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Frequent Contributor

Re: The Truth about Credit Card Utilization

Ok, so I will keep you posted, if this is the right place, of my progress. Currently I am at 68% aggregate UT on 13 CC accts. I have about $78K in credit used and can I pay it all off this month. I just recently last month started making $2-3K payments on several cards. I was at a 705 FICO score a few weeks ago, then my Sams card didn't report my $10,000 limit for whatever reason, so my UT% went up, which pushed me over 69% and I lost 20 points, down to 685 on July 17th. Since then I have paid down several cards to be back at 68% currently. If Sams was reporting correctly, I would be at 62% today. Since I have paid several cards to the next individual UT level, my score is back at 698 with just paying down 3 cards. I just paid down two more cards today from 88% to 67% individually, to see what happens next. These two report the first week of August. And as the month moves forward, I will pay down most to zero, or below 8%. I should have a good indication by the end of September.

Starting Score: 589/599/598 5/8/14
FICO® Score 8: EX 707 TU 705 EQ 708 06/19/20
Goal: 740 across all bureuas
Message 131 of 137
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Super Contributor

Re: The Truth about Credit Card Utilization


@Superduper2014 wrote:

UPDATE FOR DATA POINTS IF INTERESTED: 

 

Both cards were paid down to 49% from 90% and scores jumped almost 40 points total. 

First card to report a 49% increase FICO 8 by 17 points

Second Card to report 49% increased Fico 8 by 19 points. 

 

Next step is

First card was paid down to 29% and it will report on the 3rd of August. What will the FIco 8 score jump to? The Fico score is at 770 

And the second card was paid down to 29% as well. Wonder what kind of increase would that provide. 

 

Total Utilization is at 18% right now. All 3 scores in the 770+-

 

Any guesses on what will happnen with these scores when 29% starts reporting? 

 

I have a thread going here if interested, but this is post is the result of following this guide https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Utilization-Intervals-Brackets-etc/m-p/5... 


@Superduper2014 it depends, you're not telling us what the aggregate utilization changes will be. 

just saw you added the link so I will check out that thread. 

For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.

RIP:







Updated June 2020, unless otherwise noted. I took an HP on EX, will reflect on next update.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 132 of 137
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Super Contributor

Re: The Truth about Credit Card Utilization


@mowglidude wrote:

Ok, so I will keep you posted, if this is the right place, of my progress. Currently I am at 68% aggregate UT on 13 CC accts. I have about $78K in credit used and can I pay it all off this month. I just recently this month started making $2-3K payments on several cards. I was at a 705 FICO score a few weeks ago, then my Sams card idint report my $10,000 limit for whatever reason, so my UT went down, which pushed me over 69% and I lost 20 points, down to 685. Since then I have paid down several cards to be back at 68%. If sams was reporting correctly, I would be at 62% today. Since I have paid several cards to the next individual UT level, my score is back at 698 with just paying down 3 cards. I just paid down two more cards from 88% to 67% today, to see what happens next.


@mowglidude I think your data points could be helpful to the community. I think it would be great if you started a thread and gave all your data points. But you're more than welcome to PM me or post here or as I suggested, start your own thread and chronicle everything for the community's benefit if you're willing. If you do start a thread definitely drop us the link, so we can follow it.

For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.

RIP:







Updated June 2020, unless otherwise noted. I took an HP on EX, will reflect on next update.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 133 of 137
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Frequent Contributor

Re: The Truth about Credit Card Utilization


@Birdman7 wrote:

@mowglidude wrote:

Ok, so I will keep you posted, if this is the right place, of my progress. Currently I am at 68% aggregate UT on 13 CC accts. I have about $78K in credit used and can I pay it all off this month. I just recently this month started making $2-3K payments on several cards. I was at a 705 FICO score a few weeks ago, then my Sams card idint report my $10,000 limit for whatever reason, so my UT went down, which pushed me over 69% and I lost 20 points, down to 685. Since then I have paid down several cards to be back at 68%. If sams was reporting correctly, I would be at 62% today. Since I have paid several cards to the next individual UT level, my score is back at 698 with just paying down 3 cards. I just paid down two more cards from 88% to 67% today, to see what happens next.


@mowglidude I think your data points could be helpful to the community. I think it would be great if you started a thread and gave all your data points. But you're more than welcome to PM me or post here or as I suggested, start your own thread and chronicle everything for the community's benefit if you're willing. If you do start a thread definitely drop us the link, so we can follow it.



Should I post in the link that @Superduper2014 provided?

Starting Score: 589/599/598 5/8/14
FICO® Score 8: EX 707 TU 705 EQ 708 06/19/20
Goal: 740 across all bureuas
Message 134 of 137
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Super Contributor

Re: The Truth about Credit Card Utilization


@mowglidude wrote:

@Birdman7 wrote:

@mowglidude wrote:

Ok, so I will keep you posted, if this is the right place, of my progress. Currently I am at 68% aggregate UT on 13 CC accts. I have about $78K in credit used and can I pay it all off this month. I just recently this month started making $2-3K payments on several cards. I was at a 705 FICO score a few weeks ago, then my Sams card idint report my $10,000 limit for whatever reason, so my UT went down, which pushed me over 69% and I lost 20 points, down to 685. Since then I have paid down several cards to be back at 68%. If sams was reporting correctly, I would be at 62% today. Since I have paid several cards to the next individual UT level, my score is back at 698 with just paying down 3 cards. I just paid down two more cards from 88% to 67% today, to see what happens next.


@mowglidude I think your data points could be helpful to the community. I think it would be great if you started a thread and gave all your data points. But you're more than welcome to PM me or post here or as I suggested, start your own thread and chronicle everything for the community's benefit if you're willing. If you do start a thread definitely drop us the link, so we can follow it.



Should I post in the link that @Superduper2014 provided?


@mowglidude that would give an opportunity to compare and contrast the score changes for utilization I suppose, what do you think @Superduper2014 ? If it's cool with SuperDuper2014, I would say yes, otherwise I would say start your own or whichever option you prefer. 

For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.

RIP:







Updated June 2020, unless otherwise noted. I took an HP on EX, will reflect on next update.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 135 of 137
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Frequent Contributor

Re: The Truth about Credit Card Utilization

I took your advice and started another thread. Here is the link: https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Testing-Credit-Card-Utilization-Threshol...

Starting Score: 589/599/598 5/8/14
FICO® Score 8: EX 707 TU 705 EQ 708 06/19/20
Goal: 740 across all bureuas
Message 136 of 137
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Super Contributor

Re: The Truth about Credit Card Utilization

Question @ABCD2199 

 

Where did you get the numbers from for your aggregate revolving utilization thresholds?


Total revolving limits 648500 (572500 reporting) FICO 8 EQ 727 TU 744 EX 729

Message 137 of 137
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