current credit card utilization is 1% now across three cards:
$0 bal limit 30k nfcu
$5 bal limit 10k papal
$15 bal limit $1500 usaa
has been consistent at this utilization for about a year now
current scores high 790s
purchased a great used jetski on my NFCU credit card (4k) a few days ago instead of opening up a new account (4k balance now current apr 8.9%)
I plan to have it paid back by dec
how much of a hit will the credit files take on the increase in utilization?
Not that bad of a hit once you cross that 9% aggregate threshold. Your actual will be ~9.7% I'll drop a link for your reading pleasure.
I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?
General Scoring Primer and Version 8 Master Thread rev.5.17.20
My best guess would be around 15-20 points tops due to the increased utilization until you pay it down.
@babbles If you're really concerned about score, I recommned paying off your other cards' small balances to $0 so that only 1/3 cards report a balance instead of 3/3.
While the above isn't bad advice, it is worth noting that the points shifted from the number of accounts with a balance would more than likely be less than those gained from crossing the 9% utilization threshold.
@babbles, The jetski is worth a few points loss
I rode jetski's and was an avid boater for years
Also fished a few Black Bass tournament's.
seems like when those small balances move a few dollars downwards, my score drops
That should not be the case and is likely just a coincidence giving you a false positive.
the jet ski was absolutely worth the hit! ; ) Ill let you know by the 14th or 15th what the actuall drop is because Navy Federal wastes no time reporting an increase like that!