@SouthJamaica wrote:
@Anonymous wrote:
I have a concern I'd like to share. In the last month I've started to study up and learn everything about credit scores. I don't think I'm in the category of rebuilding (Fico scores 700-716) but I've learned how to maximize my score. I've taken a bit too much advantage of intro APR and have for the last year had an average of 70%+ utilization. I have an account with Experian which monitors my file and updates my score daily. I just went from a 39% utilization to 31% and my score only went up a single point from 699 to 700. I expected something a bit higher after paying one card off, I wasn't naive enough to believe the simulation on their app that said my score could go up 20 points for that payment alone. My question is, is this normal behavior, will I see a larger change when my banks report my current balances that are technically now under 10%?
1. I think you will find that 30% is a threshold number in FICO 8.
2. I couldn't tell if you were talking about overall utilization or single card utilization; in my case whenever I go over or under 30% on a single card it seems to mean about a 5-point change. Different profiles will react differently, though.
That was the point I was going to make, the scores are tiered a bit, so OP should find a much bigger jump to their score when they go from 31% to 29% than from 39% to 31%
But also the scores are tiered, so there isn't as much of a difference between 700 and 720 as there is between 680 and 700 (if you look at the top of this, or any, page here, you'll see the FICO split. Every scoring module does have different break points, so the above example is just for this particular model)
Hope that helps.
