credit utilization

[Anonymous]

 I have worked really hard to get my credit back to somewhat respectable  scores  considering I was back in the mid 500's  at one time but here is what just recently happened to me I have had 2 capital one cards for aprox 1 year now poaying always on time and never letting my utilization go above 5o% my equifax  was 652 experian 640 and transunion 656 and just recently I almost maxed out my credit cards and was planning on paying them in full in 1 week and then all of a sudden i get an elert saying that my experian dropped to 605! wow I was really bummed all that hard work I have  done down the drain! and I plan on buying a home in aprox 6 months my quiestion is can I somewho get my experian back to at least 640 again in that time? My other scores have not changed I ahve not been late on anything  yet please let know   ..  Joey

[Anonymous]

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@Anonymous wrote:

 I have worked really hard to get my credit back to somewhat respectable  scores  considering I was back in the mid 500's  at one time but here is what just recently happened to me I have had 2 capital one cards for aprox 1 year now poaying always on time and never letting my utilization go above 5o% my equifax  was 652 experian 640 and transunion 656 and just recently I almost maxed out my credit cards and was planning on paying them in full in 1 week and then all of a sudden i get an elert saying that my experian dropped to 605! wow I was really bummed all that hard work I have  done down the drain! and I plan on buying a home in aprox 6 months my quiestion is can I somewho get my experian back to at least 640 again in that time? My other scores have not changed I ahve not been late on anything  yet please let know   ..  Joey

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Welcome to MyFico.

The good news is that Fico has no memory when it comes to utilization.  As long as you pay down the balances to what they were before, in time your scores will go back up. Good luck.

[tufa4311]

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@Anonymous wrote:

 I have worked really hard to get my credit back to somewhat respectable  scores  considering I was back in the mid 500's  at one time but here is what just recently happened to me I have had 2 capital one cards for aprox 1 year now poaying always on time and never letting my utilization go above 5o% my equifax  was 652 experian 640 and transunion 656 and just recently I almost maxed out my credit cards and was planning on paying them in full in 1 week and then all of a sudden i get an elert saying that my experian dropped to 605! wow I was really bummed all that hard work I have  done down the drain! and I plan on buying a home in aprox 6 months my quiestion is can I somewho get my experian back to at least 640 again in that time? My other scores have not changed I ahve not been late on anything  yet please let know   ..  Joey

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While it is true that FICO does not have a memory with regards to UTIL and your scores should recover your broker/underwriter will see that maxed out card less than 200 days prior to you applying for a mortgage on a manual review of your report. Something to keep in mind, they will need an explanation.

[Anonymous]

thank you for the advice I dont plan on puchasing in aprox 6 months and hopefully they will understand and maybe by then my scores will rebound to what they were.  Peter

[Anonymous]

thanks I really appreciate the advise I hope they dont look at the fact that I maxed my cards out in  6 months prior to applying for a mortgage despite my scores rebounding. I guess I will see worst comes to worst I will just wait a little longer. I make pretty good income and plan on putting doen aprox 20,000 with an FHA so hopefully it all works out thanks .  Peter

[Anonymous]

As your utilization decreases, your score will increase. The goal is to PIF your account before the new statement generates. I hope this information helps.