18
That time a loan officer told me my credit utilization was way too high for someone with my income level
He looked at my statement and said 'you're carrying $4,200 on a single card with a $5,000 limit, that's 84 percent utilization and it's killing your score,' so I paid it down to under 30 percent and watched my score jump 60 points in two months, has anyone else had a banker give them that kind of blunt advice?
3 comments
Log in to join the discussion
Log In3 Comments
lee.lucas2mo ago
That "84 percent utilization and it's killing your score" line hits hard. My buddy got the same wake up call from his bank manager, told him he was basically throwing money away on interest. He paid his card down just like you did and saw a similar jump in his score, said it was the best financial advice he ever got for free.
4
campbell.logan2mo ago
Got a similar wake up call myself a few years back, paid my card down from like 75% to under 30% and my score jumped over 50 points in two months. It's crazy how something that simple can make that big of a difference, like @lee.lucas's buddy said, that free advice from the bank manager saved him a ton in the long run. Ngl, I still keep a close eye on that utilization number every month now, treat it like a bill I gotta keep low.
3
oliver5231mo ago
Honestly, same thing happened to me with a teller at my local credit union. She straight up told me my 78 percent utilization was why my score was stuck in the low 600s, and I thought I was doing fine making minimum payments. Paid it down to 25 percent in three months and watched it climb like 65 points, felt like magic. @campbell.logan is right, now I check that number religiously every billing cycle, treat it like a credit score cheat code. Ngl, that brutal honesty from the bank folks ended up saving me way more than any credit repair service ever could.
1