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Urgent! Credit dropped around 90 point due to high utilization

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Urgent! Credit dropped around 90 point due to high utilization

Hi everyone
My FICO score dropped around 90 points. The only suspected culprit is high cc utilization. I usually was around 9% on each cc and last 6 months went to 80-90%. I paid off all credit cards leaving a small balance in 1 so overal utilization shows 0%. Once this gets reported what would be my increase in points ?

Cc. Limit. Balance
1. 25,000. 0
2. 20,000. 0
3. 7,000 50
4. 2500. 0
5. 1200. 0
6. 500. 0

Current score is 575 No derogatory info on file , no late payments.

2 installment loans in file 6 month and 1 yr old

Oldest cc is 2 yrs.
Message 1 of 14
13 REPLIES 13
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Super Contributor

Re: Urgent! Credit dropped around 90 point due to high utilization


@Jomz1983 wrote:
I paid off all credit cards leaving a small balance in 1 so overal utilization shows 0%. Once this gets reported what would be my increase in points ?

You'll regain the points that was lost.

Message 2 of 14
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Valued Contributor

Re: Urgent! Credit dropped around 90 point due to high utilization

I would leave a few hundred on the $25k card.

You should bounce back over 5he next 30-60 days.

GL!

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Message 3 of 14
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Moderator

Re: Urgent! Credit dropped around 90 point due to high utilization

Any small reported balance (I think some lenders will not report if under $5.00 or $7.00 based on previous threads) will be rounded up to 1%, so no worries there (unless the actual reported balance is over 1%

You will gain back what you lost. If your current utilization is going to lower compared to one prior to increase, there might be additional gains.
Message 4 of 14
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Super Contributor

Re: Urgent! Credit dropped around 90 point due to high utilization


@Jomz1983 wrote:
Hi everyone
My FICO score dropped around 90 points. The only suspected culprit is high cc utilization. I usually was around 9% on each cc and last 6 months went to 80-90%. I paid off all credit cards leaving a small balance in 1 so overal utilization shows 0%. Once this gets reported what would be my increase in points ?

Cc. Limit. Balance
1. 25,000. 0
2. 20,000. 0
3. 7,000 50
4. 2500. 0
5. 1200. 0
6. 500. 0

Current score is 575 No derogatory info on file , no late payments.

2 installment loans in file 6 month and 1 yr old

Oldest cc is 2 yrs.

You'll get all the points back, and then some.


Total revolving limits 644000 (568000 reporting)



Message 5 of 14
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Senior Contributor

Re: Urgent! Credit dropped around 90 point due to high utilization


@Remedios wrote:
Any small reported balance (I think some lenders will not report if under $5.00 or $7.00 based on previous threads) will be rounded up to 1%, so no worries there (unless the actual reported balance is over 1%

You will gain back what you lost. If your current utilization is going to lower compared to one prior to increase, there might be additional gains.
@Remedios Do you know which lenders may do this?













(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated March 2020.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 6 of 14
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Super Contributor

Re: Urgent! Credit dropped around 90 point due to high utilization


@Birdman7 wrote:

@Remedios wrote:
Any small reported balance (I think some lenders will not report if under $5.00 or $7.00 based on previous threads) will be rounded up to 1%, so no worries there (unless the actual reported balance is over 1%

You will gain back what you lost. If your current utilization is going to lower compared to one prior to increase, there might be additional gains.
@Remedios Do you know which lenders may do this?

@Remedios 

 

 

.... I have no idea, just tagging Remmy.  Smiley Happy


03/02/20 Fico 8: EX 687, EQ 693, TU 715.
03/05/20 Fico 9: EX 672, EQ 682, TU no idea...

Zero percent financing is where the devil lives...
Sitting in the garden behaving myself. #noinqs2020
Message 7 of 14
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Moderator

Re: Urgent! Credit dropped around 90 point due to high utilization

Discover and Cap One do it. Cant remember which one is $5.00 and which one is $7.00
You still have to pay it of course, but it doesnt get reported.
Chase will report $5.00, not sure if they will report below, never tried it with them.
Message 8 of 14
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Senior Contributor

Re: Urgent! Credit dropped around 90 point due to high utilization

That’s very good to know because I recently acquired Discover. Thank you for responding @Remmy!

@tcbofade Thanks for the help!













(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated March 2020.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 9 of 14
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Moderator

Re: Urgent! Credit dropped around 90 point due to high utilization

Anytime, @Birdman7 

Message 10 of 14
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