I am new to this hobby of tracking your file thru the CRA's. I am learning and continuing to learn by others who post throughout this community. With what I have so far learned about my credit I feel so empowered! Yesterday I was on my Experian file and I was at 655, this morning I checked and my number went to 676!! Thats a 21 point difference that I'm not sure how it got there. But here are some data points:
Overall my utlization decreased a total of 53%. Is Experian looking at my overall uti drop or my overall AAOA? or both?
Thanks for your advice and explanations guys!!
@dancer5678Thats a 21 point difference that I'm not sure how it got there.
First, congrats on your score improvement. No doubt the paying down of your balances (utilization improvement) is helping here.
That being said, your overall utilization did not decrease by 53%. To get your overall utilization you need to take your total combined balances and divide that by your total overall limits. You want to do this before/after to obtain your overall utilization percentage at both times and take the difference between the two.
I see to get the 53% number above you took the sum of the percentage paid down on the 3 different accounts. Just because you paid down 53% across 3 different accounts does not mean you paid down your overall utilization by 53%. To further illustrate my point here, say you paid down another one of your revolvers 47%. If you then added that percentage into your sum you would conclude that you paid down your utilization 100%, suggesting that you have 0% utilization (no remaining balances) when that definitely isn't the case. Hopefully that makes sense.
Determining your before/after aggregate utilization is key to identifying whether or not the score change you experienced is due to that factor.
I am a bit confused by your age of accounts factors. You show a significantly stronger AAoA on TU, which would suggest older accounts on TU. Then when you mention your AoOA, TU is referenced as your youngest, with Experian being far greater than the other 2. Also, AoOA is Age of Oldest Account; you wrote it above as "Average Age of Oldest Account" which is not a factor. Perhaps you could clarify those age of accounts factors for us, as something seems inconsistent there.
Thx for your response!
I can see what you mean in reference to the overall utilization. Your explanation makes perfect sense.
As for the AAoA I may have wrote down the abbreviation incorrectly. The attached picture shows what CCT has on my file.
Appreciate your help in getting me to understand.
On that same summary screen from CCT where you pasted that image above, if you scroll up under the "credit used" section you'll see "revolving credit usage." That percentage is what you want to know, both before and after your utilization paydown. A large portion of your FICO score is based on that percentage.
I'm still unsure of how your length of credit history factors are the way they are. Your nearly 30 year old account on EX... is not not reported to TU or EQ? With your oldest account being 12.7 years on TU, I'm not sure how your AAoA is so much older there at 8.6 years compared to the other 2 bureaus. I get the impression that you have significant differences in the accounts found across your 3 reports? If you could clarify that a bit it would be helpful. In CCT you want to go under the "accounts" tab and there you can see which accounts are showing up on which reports. The majority should be seen across all 3 reports, but without question you have some that are inconsistent across the 3 bureaus, thus resulting in dramatically different age of accounts factors.
Love how you are guiding me thru these credit waters lol!
Here are the 3 bureaus showing utilization as you indicated I would find plus a couple of baddies.
When I clicked on compare all so that it shows me all accounts here is what I got:
Interesting fact that TU shows very little. Any idea why?
Also when I go on Karma TU has every single cc and loan as the other two.
And is the a problem the CCT on Equifax has most of my cc as installment loans vs cc?
Again thx for your help!