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« on: December 09, 2016, 12:00:00 AM »
For quite a long time my fico was around 804. Within the past year I went on a "application spree". Got an AARP Visa, PENFED Visa, Amex Blue. Already had Freedom, CapOne, DoubleCash and USAA. The AARP and Amex Blue came with a 12 month and 18 month interest free period. Had no decent balance transfer so I didn't do that. What I did do was charge the heck out of the AARP & Amex. Amex had limit of $20,000. Up to a month ago I had that up to $11,000 (over 50%). AARP had limit of $15,000. Up to a month ago I had that up to $3,400 (20%)
A few months ago I got a balance transfer offer of 0% 18 months 2% fee from Capone. I grabbed that. Limit was $20,000. I wrote checks to myself for $17,000. That put me at 85% utilization. A short time later I got an offer from Freedom for 0% for 12 months with NO fee. I grabbed that. Limit is $17,000. Took out all 17,000. 100% utilization.
In case you are wondering, I planned this and did it for a special purpose. Just got REAL lucky with that FREEDOM offer.
All told I had around $123,000 in credit limit on these cards. My overall utilization across all cards was 40%. My Fico went from 804 to 733.
Decided to change my Penfed HELOC to a 5/5 plan (to lock in the 3.75% for the next 5 years...inflation WILL come back you know). Worried about my fico hurting my chance for that rate so paid down cards to get utilization down somewhat.
Took Amex down to $9,000. Utilization is 45%
Took freedom down to $8,000. Utilization is 48%
Took Capone down to $13,800. Utilization is 69%
Too AARP down to $3,000. Utilization is 20%
Overall utilization now at 27.5%.
Just checked my Fico from 4 different Credit Cards (offering free fico scores) and Fico ranges from 765 to 773 with above utilization.
So apparently my score only tumbled around 70 points with the heaviest utilization. It only dropped around 20 points with my latest utilization.