Utilization effect over time?

[Anonymous]

I am wondering if your score changes based on utilization over time or is it it strictly a snapshot of exactly what your report is showing at any one given time?

For example if today my Utli is 99% and next month i pay them all off to a 0% util will my score instantly shoot up to a score that represents the low utilization or will it take a few months for the score to adjust?

Just one of the few things i am still confused about

[Anonymous]

Your score is based on CURRENT Utilization (well, last reported utilization, technically). It's a snapshot

So yes, if you drop from 99% to 0% you can expect an immediate jump. For me, it was from 690 to over 800

[NRB525]

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@Anonymous wrote:

Your score is based on CURRENT Utilization (well, last reported utilization, technically). It's a snapshot

So yes, if you drop from 99% to 0% you can expect an immediate jump. For me, it was from 690 to over 800

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In one month? What were the amounts involved? How long is your credit history?

Nothing else changed, like dropping any baddies?

[Anonymous]

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@NRB525 wrote:

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@Anonymous wrote:

Your score is based on CURRENT Utilization (well, last reported utilization, technically). It's a snapshot

So yes, if you drop from 99% to 0% you can expect an immediate jump. For me, it was from 690 to over 800

---

In one month? What were the amounts involved? How long is your credit history?

Nothing else changed, like dropping any baddies?

---

Closer to 2 months due to the timing of the payoffs. No baddies, my credit is otherwise stellar with agood mix of accounts, but my total UTI was up against 100% from 2009 - 2014 (not always maxed out, but never below around 75%). I don't remember the AAoA as this was about 6 months ago, but my newest account at the time was 2009, and my first account was 2003 so probably around 8 years.  I had around 28k in CC debt and I consolidated 25k w/ Lending Club which led to the bump. With the utilization fixed, I have much more breathing room and can actually apply for good credit again. I'll also have the remainder of the debt that LC did not cover paid off next week and expect a new bump

[NRB525]

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@Anonymous wrote:

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@NRB525 wrote:

---

@Anonymous wrote:

Your score is based on CURRENT Utilization (well, last reported utilization, technically). It's a snapshot

So yes, if you drop from 99% to 0% you can expect an immediate jump. For me, it was from 690 to over 800

---

In one month? What were the amounts involved? How long is your credit history?

Nothing else changed, like dropping any baddies?

---

Closer to 2 months due to the timing of the payoffs. No baddies, my credit is otherwise stellar with agood mix of accounts, but my total UTI was up against 100% from 2009 - 2014 (not always maxed out, but never below around 75%). I don't remember the AAoA as this was about 6 months ago, but my newest account at the time was 2009, and my first account was 2003 so probably around 8 years.  I had around 28k in CC debt and I consolidated 25k w/ Lending Club which led to the bump. With the utilization fixed, I have much more breathing room and can actually apply for good credit again. I'll also have the remainder of the debt that LC did not cover paid off next week and expect a new bump

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Ok, with those amounts and that level of utilization, that makes sense.

Congratulations on getting the balances down! I'm headed that direction too.

[Anonymous]

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@Anonymous wrote:

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@NRB525 wrote:

---

@Anonymous wrote:

Your score is based on CURRENT Utilization (well, last reported utilization, technically). It's a snapshot

So yes, if you drop from 99% to 0% you can expect an immediate jump. For me, it was from 690 to over 800

---

In one month? What were the amounts involved? How long is your credit history?

Nothing else changed, like dropping any baddies?

---

Closer to 2 months due to the timing of the payoffs. No baddies, my credit is otherwise stellar with agood mix of accounts, but my total UTI was up against 100% from 2009 - 2014 (not always maxed out, but never below around 75%). I don't remember the AAoA as this was about 6 months ago, but my newest account at the time was 2009, and my first account was 2003 so probably around 8 years.  I had around 28k in CC debt and I consolidated 25k w/ Lending Club which led to the bump. With the utilization fixed, I have much more breathing room and can actually apply for good credit again. I'll also have the remainder of the debt that LC did not cover paid off next week and expect a new bump

  

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I am in the same boat.  I took my scores from what is my sig of low 600s to mid 750s in about 34 days.  I PFD a medical collection, and paid down my cc from 76-82% to 2% in 1 month and following month of January my scores soared over 140 points.  FICO was basically calculating what my credit would look like minus the derogatory (medical collection) and optimal credit utilization (2%).  Seeing that my oldest card was only Oct 2012 and AAoA was approx 1.78 years, no installment loans (no car, no mortgage) my scores actually would probably have been close to 800 had I had that mix of credit?

But, your scores are based upon a snapshot of what i currently showing on your report.  Remember, there is no way to program in future events and the algorithm calculates a score of what is showing now as opposed to past or future tense.