Utilization dropped with no change in score

[micvite]

So not sure if this is simply because I was at a super high utilization before (think 102% according to experian for approx 3 years now) but I just paid off about 30% and utilization is showing at 70%, score did not move at all, it's been about a week (statement date on 8/17' reported 8/18) I'm just wondering if this truly had no impact on my score or if it's just taking a while to update.

Score is currently 653, which I'd say isn't terrible for the amount of debt/util% I was at lol.... now to pay everything back and see if I can get citi to reopen my account (it's closed on the CRAs but online it shows as a normal open account and I was even able to apply for a cli today (got denied but hey, why I'd it even letting me do it on a closed acc?) It even shows my available credit and everything.

[MissLiz]

Going from over the limit utilization to 70% utilization will definitely cause a score improvement. Just under 70% is a threshold. Give it a little more time. 

As far as Citi goes, it's likely they will not allow to use your card and once you pay it off, it will be closed. 

Congratulations on starting to get your debt paid down!

[micvite]

Yeah kinda sad I lost 2 cards to a reporting error from my auto loan with pen fed that reported my account as late because they didn't properly allocate my insurance payment lol... lost my citi double cash with 13k, synchrony car care with 3.5k. Still holding hope citi might reinstate now that that's fixed after I pay off some of my other debt. (I'm paying off my other cards first before I touch discover or my citi retail since I don't want them to balance chase, still scarred from before)

[MissLiz]

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@micvite wrote:

Yeah kinda sad I lost 2 cards to a reporting error from my auto loan with pen fed that reported my account as late because they didn't properly allocate my insurance payment lol... lost my citi double cash with 13k, synchrony car care with 3.5k. Still holding hope citi might reinstate now that that's fixed after I pay off some of my other debt. (I'm paying off my other cards first before I touch discover or my citi retail since I don't want them to balance chase, still scarred from before)

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When my dominoes started to fall, Discover was the first creditor to balance chase me. 

[Revelate]

If we're talking single tradeline it depends what else is on your report with that utilization change on an open tradeline.

If that tradeline is marked closed, it's counted differently, my understanding is it's basically 100% until paid off though newer algorithms that might've changed.

Wouldn't worry about it overly much, I'd be screaming at Penfed though that isn't your fault.

[micvite]

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@MissLiz wrote:

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@micvite wrote:

Yeah kinda sad I lost 2 cards to a reporting error from my auto loan with pen fed that reported my account as late because they didn't properly allocate my insurance payment lol... lost my citi double cash with 13k, synchrony car care with 3.5k. Still holding hope citi might reinstate now that that's fixed after I pay off some of my other debt. (I'm paying off my other cards first before I touch discover or my citi retail since I don't want them to balance chase, still scarred from before)

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When my dominoes started to fall, Discover was the first creditor to balance chase me. 

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I'm sadly well aware, been there done that haha I've had luck with calling discover right after the chasing started and either 1: stop it after the first decrease or 2: get the original limit reinstated (i got it reinstated 3/4 times it happened, second tjme they said sorry csnt reinstate but I'll put a note in and hopefully it wont decrease anymore and it didnt). I'd rather just wait until they see a few months of 30% util first then maybe they won't be as scared. I decided cap1 was my safest bet to not balance chase me and fingers crossed I paid off 25k/50k and I'm still ok for now. 

[micvite]

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@Revelate wrote:

If we're talking single tradeline it depends what else is on your report with that utilization change.

Wouldn't worry about it overly much, I'd be screaming at Penfed though that isn't your fault.

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A couple of charge cards, a few retail cards that are paid off (about 6k total), and basically everything in my signature plus 2 car loans, penfed with 7k/100k and bmw with 153k/168k basically everything in my signature except the venture x that is at 28k/50, vs that is at 0/2900 and kohls that's at 330/3000, citi at 11k/13K (CLOSED) is maxed 

Sadly yelling at penfed won't bring back my 2 closed cards lol... literally as soon as the 30 day late came on both cards got closed next day so I can only assume that was the cause. (And that's the reason in the letter too)

[micvite]

I just got down to 67% and I finally saw an update to the score, a whopping 9 points, not really sure what to make of that... using the estimator (I know, not accurate) I should've had a 40 point increase from paying off this amount. Will I see any improvements if I keep my util at 67% or do I simply need to pay everything down before any real changes happen?

[Thomas_Thumb]

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@micvite wrote:

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@Revelate wrote:

If we're talking single tradeline it depends what else is on your report with that utilization change.

Wouldn't worry about it overly much, I'd be screaming at Penfed though that isn't your fault.

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A couple of charge cards, a few retail cards that are paid off (about 6k total), and basically everything in my signature plus 2 car loans, penfed with 7k/100k and bmw with 153k/168k basically everything in my signature except the venture x that is at 28k/50, vs that is at 0/2900 and kohls that's at 330/3000, citi at 11k/13K (CLOSED) is maxed 

Sadly yelling at penfed won't bring back my 2 closed cards lol... literally as soon as the 30 day late came on both cards got closed next day so I can only assume that was the cause. (And that's the reason in the letter too)

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A bit difficult to provide accurate feedback. Still unclear if you are talking about aggregate utilization or highest individual card utilization. Also, if you have closed accounts with balances.

The credit limits on closed accounts with balances don't count toward aggregate credit limit. The balances on charge cards don't count against aggregate utilization. Also, it's the card with highest utilization % that's scored. Therefore, if you paydown a 100% card but have another card at 100% your AG UT should drop but you're still 100% on a card basis - just a different card.

Two important utilization milestones to reach for score improvements are: below 49% and below 29%.

P.S. I'm not sure how closed accounts with balances are scored on an individual card basis. It is possible they are ignored although the balance but not the card's credit limit is included in aggregate calculations.

[SouthJamaica]

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@micvite wrote:

I just got down to 67% and I finally saw an update to the score, a whopping 9 points, not really sure what to make of that... using the estimator (I know, not accurate) I should've had a 40 point increase from paying off this amount. Will I see any improvements if I keep my util at 67% or do I simply need to pay everything down before any real changes happen?

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With aggregate utilization it's not clear where the thresholds are, if there are any.

In terms of individual card utilization, 49% and 29% are key milestones.

So with your accounts that are at 50% or greater, try bringing them down to 48% or less.

When you have no accounts that are at 50% or greater, then try bringing remaining accounts down to 28% or less.