What can be expected?

[Anonymous]

Well by the end of this month my utilization will drop below 50 percent to about 45 percent...and of course i was wondering what kind of increase might occur?


thanks!

[haulingthescoreup]

Wow, that depends on everything else going on your reports, plus what scores you're starting from.

Sorry, not nearly enough info to guess, and even then, we continually get surprised.

[Anonymous]

There is no fixed amount per percent drop. That likely varies depending on how old your credit is and if you have baddies on your report. In general I would expect a drop between 7-15 for going into a new util category. Please post back and let us know if indeed you do get your score after that drop.

[Anonymous]

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@haulingthescoreup wrote:
Wow, that depends on everything else going on your reports, plus what scores you're starting from.

Sorry, not nearly enough info to guess, and even then, we continually get surprised.

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sorry i meant to post it but my score from equifax right now is 538. my utilization is at 54 percent. i just figured since i am dropping below 50 then my score increase would be better than usual.

[Anonymous]

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@Anonymous wrote:

There is no fixed amount per percent drop. That likely varies depending on how old your credit is and if you have baddies on your report. In general I would expect a drop between 7-15 for going into a new util category. Please post back and let us know if indeed you do get your score after that drop.

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a score drop??? ewww

[haulingthescoreup]

No, it should be an increase, but it's pretty impossible to guess by how much. Another member only got 40 or so points for a huge drop, so it just goes to show that this is really unpredictable.

If you still have a FICO EQ or TU report available sowing the higher balance/ util, try going to the sim page, scroll down to the "Pay Down the Balances on All Your Credit Cards" option, enter the amount that you paid in the second box called _____ of your total Revolving/Open Account balance, and click Simulate underneath. The sims are generally pretty accurate with util changes, assuming that you haven't had other stuff going on as well.


edit to fix typo. "scrool"???

Message Edited by haulingthescoreup on 07-26-2008 03:40 PM

[fused]

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Alexandria wrote:

sorry i meant to post it but my score from equifax right now is 538. my utilization is at 54 percent. i just figured since i am dropping below 50 then my score increase would be better than usual.

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It seems you have some bad stuff on your reports, what are they and how old are they? How long is your credit history? Knowing this information will give us a better idea of what you can expect.

[Anonymous]

the only "bad" on my reports is 2 30 day lates on car loan and 13 inquires, 6 of which will come off on august 04

other than that my credit is pretty young (2 years) and my utility was high up until now...

[fused]

- high util is really hurting you

- the inqs to a lesser extent

- short credit history

- I would expect a modest gain in points if your util falls to about 45% and a much larger gain if below 7%

[Anonymous]

ok thanks! less than 10% is only 2 months away!