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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?
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lee.lucas26d 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.
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campbell.logan26d 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.
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