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utilization quest

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Regular Contributor

utilization quest

hi myfico friends, i have a discover card with a 5800 limit and a amex with a lime of a 1000. i owe 5188 on discover and 400 on amex. im going to pay 2500 on discover and knock out the 400 on amex. should i expect a nice jump in score? thanks appreciate the comments and advice.

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Super Contributor

Re: utilization quest

depending on what other card limits/balances you have. but it'll help that your discover isn't like 95% full and your amex isn't 40% full. depending on what's been reporting.
i am on mobile so i don't see your desktop signatures
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Frequent Contributor

Re: utilization quest

Utilization is 35% of the equation so yes, you should see a decent jump. That is assuming those are your only cards.
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Super Contributor

Re: utilization quest

^ hence why i asked lol.
i am on mobile so i don't see your desktop signatures
Message 4 of 7
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Regular Contributor

Re: utilization quest


@creditchild wrote:

hi myfico friends, i have a discover card with a 5800 limit and a amex with a lime of a 1000. i owe 5188 on discover and 400 on amex. im going to pay 2500 on discover and knock out the 400 on amex. should i expect a nice jump in score? thanks appreciate the comments and advice.


Yes, it should help your score. If I were in your position, once the new score shows up I would be looking do decrease my UTI even more -either by asking for CLIs on my existing cards (If I haden't already), or by looking for another CC to "buffer" my UTI. This is in the event I was unable to pay down the current balances more, obviously. 

Amex EveryDay $25k / Amex Blue Cash Everyday (AU) $16k / Citi Simplicity $14.9k / Citi AAdvantage Gold $11k / Chase Sapphire Preferred $10k / Chase Freedom $10k / Discover It $10k / Discover It (AU) 8.7k / Chase Slate $8.5k / Citi Diamond Preferred $6.9k / CarCare One $5k / Wells Fargo Platinum (AU) 2k

FICO SCORE 8: [EX]: 775 08/19/18 | [TU]: 783 08/23/18 | [EQ]: 773 08/22/18
Message 5 of 7
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Super Contributor

Re: utilization quest


@creditchild wrote:

hi myfico friends, i have a discover card with a 5800 limit and a amex with a lime of a 1000. i owe 5188 on discover and 400 on amex. im going to pay 2500 on discover and knock out the 400 on amex. should i expect a nice jump in score? thanks appreciate the comments and advice.


Usually, yes, however it also depends on where your FICO scores are now.

What are your MyFICO scores?

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
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Regular Contributor

Re: utilization quest

my scores are 523 532 and 519

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