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Urgent! Credit dropped around 90 point due to high utilization

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Anonymous
Not applicable

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
AllZero
Mega Contributor

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


@Anonymous 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
Shooting-For-800
Senior 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!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!



Message 3 of 14
Remedios
Credit Mentor

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
SouthJamaica
Mega Contributor

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


@Anonymous 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 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 5 of 14
Anonymous
Not applicable

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?
Message 6 of 14
tcbofade
Super Contributor

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


@Anonymous 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

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 7 of 14
Remedios
Credit Mentor

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
Anonymous
Not applicable

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!
Message 9 of 14
Remedios
Credit Mentor

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

Anytime, @Anonymous 

Message 10 of 14
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