Utilization question

[Hutchman92]

@Anonymous  I really appreciate your knowledge and help. I'm at around 660 on all scores from credit karma/ score sense though fico on wells Fargo website shows 607. If we can get up to 720 I'll be happy to take you to a steak dinner at Berna Steakhouse when you visit Tampa haha seriously though.

additional report details regarding charge off and collections : 

TRansUnion

BofA CC 1102 of 700 limit updated 4/17/21

Removal 09/22

7x fed loan servicing -12k removal 6/22 0$ balance transfered several 120 lates

First premier balance 496 of 300 limit updated 4/4/2021 removal 06/22

First premier 514 of 300 limit updated 4/21 removal 5/22

Bank of Missouri/milestone balance 559 of 300 several 120 lates updated 10/2015 removal 3/22

Web bank/ fingerhut high balance 310 updates 5/2017 removal 08/23 several 120 lates

Port recovery (collection ) balance 252 (previously cap one secured card thought doesn’t report) updated 4/21 removal 08/22

Equifax

Bank of America - charge off - balance  1041 of 700 updated 4/21 CO and 120 lates shown

Milestone charge off reported 12/2020 shows 2x 30 day late from 2015 all other blank

Web bank / fingerhut - charge off - no history reported - updated December 2020 charge off 310 of 200 credit limit

Student loans - dept of Ed/navient 9 loans payed as agreed thought debt ratio is over 100-%

Student loans 2x fed loan service ( the original owner of my def loans before being transfered to navient ) both show paid as agreed closed and transfered

Portfolio recovery - collection -252$ last reported 4/21 only shows two CO for history ( one in oct/2019 and one in -April 2020)

Experian

Acima  credit /status charged off 1598 written off balance 4188 past due as off December 2020

Balance updated December 2020

Balance 4188

Original balance 4748

On record until November 2023

Payment history guide

Charge Off as of Jun 2017 to Dec 2020 Collection as of May 2017

60 days past due as of Apr 2017

30 days past due as of Mar 2017

Bank of America - charge off 1041 written off updated 4-15/2021 on record until 07/22

Chase (authorized user ) balance 8200- stopped reporting 2019 as I broke up with girlfriend and she started having high balance in card so I took myself off (her card) lol

Pheaa/ fed loan servicing

2 accounts both showed transferred and never late

Portfolio recovery - collections - 252$ updates 04-2021 on record until July 2022

8X dept of Ed student loans open never late

[SouthJamaica]

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@Anonymous wrote:

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@SouthJamaica wrote:

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@Hutchman92 wrote:

I'm confused on this one. I was always told to let 1% report. Is this inncorrect and it should be 9%?

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For overall revolving utilization, the lower it is, the better. So 1% is even better than 9%.

For individual account utilization the most important metrics are to be under 28%, and to have most accounts reporting at zero.

If you were to have 1 account reporting at 9% or less, and all other accounts reporting at zero, you would be totally optimized for revolving utilization across all scoring models.

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@SouthJamaica I respectfully disagree as there is a threshold requiring all individual and aggregate be under 5% and more importantly, (Edited.) some versions have a balance threshold under $150. So while there may be no difference in 0% and 4% utilization, the difference in balance may very well make a difference. 

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And your basis for this is .......  ?

[Anonymous]

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@Hutchman92 wrote:

@Anonymous  I really appreciate your knowledge and help. I'm at around 660 on all scores from credit karma/ score sense though fico on wells Fargo website shows 607. If we can get up to 720 I'll be happy to take you to a steak dinner at Berna Steakhouse when you visit Tampa haha seriously though.

additional report details regarding charge off and collections : 

TRansUnion

BofA CC 1102 of 700 limit updated 4/17/21

Removal 09/22

7x fed loan servicing -12k removal 6/22 0$ balance transfered several 120 lates

First premier balance 496 of 300 limit updated 4/4/2021 removal 06/22

First premier 514 of 300 limit updated 4/21 removal 5/22

Bank of Missouri/milestone balance 559 of 300 several 120 lates updated 10/2015 removal 3/22

Web bank/ fingerhut high balance 310 updates 5/2017 removal 08/23 several 120 lates

Port recovery (collection ) balance 252 (previously cap one secured card thought doesn’t report) updated 4/21 removal 08/22

Equifax

Bank of America - charge off - balance  1041 of 700 updated 4/21 CO and 120 lates shown

Milestone charge off reported 12/2020 shows 2x 30 day late from 2015 all other blank

Web bank / fingerhut - charge off - no history reported - updated December 2020 charge off 310 of 200 credit limit

Student loans - dept of Ed/navient 9 loans payed as agreed thought debt ratio is over 100-%

Student loans 2x fed loan service ( the original owner of my def loans before being transfered to navient ) both show paid as agreed closed and transfered

Portfolio recovery - collection -252$ last reported 4/21 only shows two CO for history ( one in oct/2019 and one in -April 2020)

Experian

Acima  credit /status charged off 1598 written off balance 4188 past due as off December 2020

Balance updated December 2020

Balance 4188

Original balance 4748

On record until November 2023

Payment history guide

Charge Off as of Jun 2017 to Dec 2020 Collection as of May 2017

60 days past due as of Apr 2017

30 days past due as of Mar 2017

Bank of America - charge off 1041 written off updated 4-15/2021 on record until 07/22

Chase (authorized user ) balance 8200- stopped reporting 2019 as I broke up with girlfriend and she started having high balance in card so I took myself off (her card) lol

Pheaa/ fed loan servicing

2 accounts both showed transferred and never late

Portfolio recovery - collections - 252$ updates 04-2021 on record until July 2022

8X dept of Ed student loans open never late

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@Hutchman92 Watch out I'll take you up on Berns steakhouse! Tampa! It looks like you have a lot of stuff on there to deal with but it is going to be falling off very soon thankfully! You're going to be a lot better off next year I think. 

[Anonymous]

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@SouthJamaica wrote:

---

@Anonymous wrote:

---

@SouthJamaica wrote:

---

@Hutchman92 wrote:

I'm confused on this one. I was always told to let 1% report. Is this inncorrect and it should be 9%?

---

For overall revolving utilization, the lower it is, the better. So 1% is even better than 9%.

For individual account utilization the most important metrics are to be under 28%, and to have most accounts reporting at zero.

If you were to have 1 account reporting at 9% or less, and all other accounts reporting at zero, you would be totally optimized for revolving utilization across all scoring models.

---

@SouthJamaica I respectfully disagree as there is a threshold requiring all individual and aggregate be under 5% and more importantly, (Edited.) some versions have a balance threshold under $150. So while there may be no difference in 0% and 4% utilization, the difference in balance may very well make a difference. 

---

And your basis for this is .......  ?

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@SouthJamaica it can't be optimized if there is still a balance threshold below it. Someone can be at 1% and still be over $150 easily. 

[SouthJamaica]

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@Anonymous wrote:

---

@SouthJamaica wrote:

---

@Anonymous wrote:

---

@SouthJamaica wrote:

---

@Hutchman92 wrote:

I'm confused on this one. I was always told to let 1% report. Is this inncorrect and it should be 9%?

---

For overall revolving utilization, the lower it is, the better. So 1% is even better than 9%.

For individual account utilization the most important metrics are to be under 28%, and to have most accounts reporting at zero.

If you were to have 1 account reporting at 9% or less, and all other accounts reporting at zero, you would be totally optimized for revolving utilization across all scoring models.

---

@SouthJamaica I respectfully disagree as there is a threshold requiring all individual and aggregate be under 5% and more importantly, (Edited.) some versions have a balance threshold under $150. So while there may be no difference in 0% and 4% utilization, the difference in balance may very well make a difference. 

---

And your basis for this is .......  ?

---

@SouthJamaica it can't be optimized if there is still a balance threshold below it. Someone can be at 1% and still be over $150 easily. 

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Yes but what is your basis for saying that there are thresholds at 5% and $150?

[Hutchman92]

@Anonymous uou had mentioned that if I was able to share current charge offs/ collections you may be able to offer some input. After reviewing the charge offs / collection on each reports, what would YOuR course of action be to maximize results? I know some are old and will fall off next year but should I wait a year and a half? Should I pay some of these accounts? I feel these are the only things holding me back. Thoughts?

[Hutchman92]

The Berns offer is legit!

[Anonymous]

SJ I gave the information above but here’s the thread for the balance Threshold:

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/EX-suggests-that-I-lower-my-util-to-unde...

The 5% threshold link was posted by @Anonymous I believe above. She found that one and repeatedly re-confirmed it.

[Hutchman92]

@Anonymous what are your thoughts on the accounts I listed? Thank you. 

[Anonymous]

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@Hutchman92 wrote:

@Anonymous  I really appreciate your knowledge and help. I'm at around 660 on all scores from credit karma/ score sense though fico on wells Fargo website shows 607. If we can get up to 720 I'll be happy to take you to a steak dinner at Berna Steakhouse when you visit Tampa haha seriously though.

additional report details regarding charge off and collections : 

TRansUnion

BofA CC 1102 of 700 limit updated 4/17/21

Removal 09/22

7x fed loan servicing -12k removal 6/22 0$ balance transfered several 120 lates

First premier balance 496 of 300 limit updated 4/4/2021 removal 06/22

First premier 514 of 300 limit updated 4/21 removal 5/22

Bank of Missouri/milestone balance 559 of 300 several 120 lates updated 10/2015 removal 3/22

Web bank/ fingerhut high balance 310 updates 5/2017 removal 08/23 several 120 lates

Port recovery (collection ) balance 252 (previously cap one secured card thought doesn’t report) updated 4/21 removal 08/22-if this is the only collection do a PFD. 

Equifax

Bank of America - charge off - balance  1041 of 700 updated 4/21 CO and 120 lates shown

Milestone charge off reported 12/2020 shows 2x 30 day late from 2015 all other blank

Web bank / fingerhut - charge off - no history reported - updated December 2020 ** different than above*** charge off 310 of 200 credit limit

Student loans - dept of Ed/navient 9 loans payed as agreed thought debt ratio is over 100-%

Student loans 2x fed loan service ( the original owner of my def loans before being transfered to navient ) both show paid as agreed closed and transfered

Portfolio recovery - collection -252$ last reported 4/21 only shows two CO for history ( one in oct/2019 and one in -April 2020)

Experian

Acima  credit /status charged off 1598 written off balance 4188 past due as off December 2020

Balance updated December 2020

Balance 4188

Original balance 4748

On record until November 2023

Payment history guide

Charge Off as of Jun 2017 to Dec 2020 Collection as of May 2017

60 days past due as of Apr 2017

30 days past due as of Mar 2017

Bank of America - charge off 1041 written off updated 4-15/2021 on record until 07/22

Chase (authorized user ) balance 8200- stopped reporting 2019 as I broke up with girlfriend and she started having high balance in card so I took myself off (her card) lol

Pheaa/ fed loan servicing

2 accounts both showed transferred and never late

Portfolio recovery - collections - 252$ updates 04-2021 on record until July 2022 - PFD if it's the only collection.

8X dept of Ed student loans open never late

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@Hutchman92 OK you asked and you put Berns on the line, so see the above. There is a lot really. So on one hand you can just wait them out, but on the other hand, the ones that have updated or are updating are hurting you the most and could provide a benefit by getting them out of the way. Only you know if it is worth spending the money as opposed to waiting. but I have bolded the ones that would potentially offer points. What do you think?