UTILIZATION Challenge !! Credit Addicts needed !

Anonymous · ‎07-23-2015

Hi all! So, this is a "what if" scenario that I need help with. My scores are climbing wildly as I pay down my cards, with a 10 point jump overnight just for bringing UTIL down on one card from $500 / 600 CL to $259 / 600 CL !! EX FICO. So, I want all you credit addicts to give me a ROUNDABUT (Yes I know there is no way to get na exact #) idea of how my score may jump by the beginning of August after the following pay downs post! I will be as detailed as possible:

Scores on 4/1/15: TU 529 EQ 498 EX 517

Scores on 7/1/15: TU 557 EQ 555 EX 567

Scores as of 7/23/15: TU 601 EQ 586 EX 601 !!

Barclaycard VISA Apple: WAS AT $2,990 / $3,000 - Will report as $2,600 / $3,000 on 8/1 (- $390) *** 0% APR. *** 86% UTIL down from 99% UTIL

NFCU Secured Visa: WAS AT $690 / 700 CL - Will report as $0.00 / $700 on 7/26 (- $690) 0% UTIL down from 97% UTIL

CreditOne Bank: WAS AT $315 / 400 CL - Will report as $340 / 600 CL (Was given CLI of $200!) 57% UTIL down from 79% UTIL

CareCredit: WAS AT $1500 / $3000 CL - Will report as $1399 / $3000 on 8/2 (- $101) 48% UTIL down from 52% UTIL *** 0% APR ***

Western FCU: WAS AT $415 / 500 CL - Will report as $280 / 1,000 (Given $500 CLI!) 28% UTIL down from 83% UTIL

Capital One QS: Brand new - not yet reported - $0 / 1,000 CL 0% UTIL and *** 0% APR *** until 4/2016

So, overall UTIL is going from ~ 81% to ~ 55% !!!! Still well above the recommended I know, but I am shocked to see how much scores have jumped just from paying down balances a little -- now these will all report with signifcantly different balances!!!!

* Side note: No lates, all debt current for past 12 months. Student loans, auto loan, credit. One collection in dispute, 2 collections medical debt aging off in Spring time.

Any forecasts would be appreciated, as well as any advice ! Thank you all !!!

Anonymous · ‎07-23-2015

I predict between 1 point and 10 points. That dispute is hurting you.

Anonymous · ‎07-23-2015

tuoleme -- It jumped almost 10 points by paying down only one account thats already reported though! FINGERHUT - paid from $190 - $5.00 out of $300 CL. ANNNND I just checked my report -- the dispute is closed, and the item is updated to fall off in 90 days due to natural age off.

Creditaddict · ‎07-23-2015

you will gain a lot more points by eliminating a complete card balance at a time instead of bringing all the cards down a little.

I don't believe you see any change for util over 75% and then next would be below 50%.

but having 0 on 1 card vs 2 cards at 50% will be much better for you.

Anonymous · ‎07-23-2015

@Anonymous wrote:
tuoleme -- It jumped almost 10 points by paying down only one account thats already reported though! FINGERHUT - paid from $190 - $5.00 out of $300 CL. ANNNND I just checked my report -- the dispute is closed, and the item is updated to fall off in 90 days due to natural age off.

Then the 10 points you gained were due to the dispute being closed.

Anonymous · ‎07-23-2015

the dispute closed a week ago according to this. I just now saw it... the FINGERHUT was reported as paid on 7/22 and the point jump occurred overnight

Anonymous · ‎07-23-2015

Each time you get a card under 50% you'll see a jump. A bigger jump will come when you get cards under 30%. And you'll have the best jump when you get all but one card to 0% with the one card reporting under 10%. When my util on one card hit 60%, I lost 15 points. When I got it under 50%, I gained 6 points back. So it takes longer to get them back than it takes to lose them.

Anonymous · ‎07-23-2015

@Anonymous wrote:
the dispute closed a week ago according to this. I just now saw it... the FINGERHUT was reported as paid on 7/22 and the point jump occurred overnight

A likely coincidence. You never can tell. Perhaps a bit more, maybe 20 points? You will do a lot of good like Addict said to pay one off at a time.

Anonymous · ‎07-23-2015

G

Anonymous · ‎07-23-2015

Thanks guys. I'm going to work on getting Barclay down as the interest rate is awful after the intro APR. WORSE than Credit One!! Ridiculous. The others I will keep at or under 40% and less when I get the extra funds. My goal is 650 by Christmas and 700 by spring 2016! Doable ???