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Hello All!
I have a Barclays card that is due, let's say on the 1st of every month, and the statement cuts on the 4th of every month. My current balance is about $3000.00, and my statement balance is about $400.00. My 6th statement is going to cut on the 4th (in a few days). Now, I'm debating whether I should PIF (Current Balance) tonight, or pay about $2600.00 and let the 6th statement cut with a utilization of less than 10% ($400.00).
The only thing I'm wondering about is whether it's more favorable by Barclays to pay off everything, ($0 balance) before the 6th statement cut, or to leave a couple hundred dollars to show that there's current usage on the card. Only reason I'm asking is because since it IS the 6th statement cut, I'm really hoping for a Credit Limit Increase from them. So, which option do you guys suggest is better odds to get a CLI from them? PIF the entire balance, or pay more than the statement balance and leave less than 10% util left to show current usage?
Please let me know! Thanks so much, myFICOers!
My understanding of Barclaycard is that they like to see utilization of around 30% to grant auto-CLI. That was what was posted in a blog post on the Ring community.
Thanks for replying, chwebb1. Yes, I read that case study the other night..
Hmmm, I always thought that if I showed more than 10% utilization on the card right before the 6th statement, they would flag you as high risk on their scoring models and not grant a CLI since it "looks like" you're spending too much and are wayyy past the suggested utilization ratio. Correct me if I'm wrong here?
@Anonymous wrote:Thanks for replying, chwebb1. Yes, I read that case study the other night..
Hmmm, I always thought that if I showed more than 10% utilization on the card right before the 6th statement, they would flag you as high risk on their scoring models and not grant a CLI since it "looks like" you're spending too much and are wayyy past the suggested utilization ratio. Correct me if I'm wrong here?
I believe that it's 50% you don't want to go over, and certainly not 80%. I've personally allowed 30% to report on my Ring, but I do have a small limit (and all of my other accounts had low/no balances so my overall utilization was still around 1-3%). I don't think that one account at 30% is going to hurt you especially if you have low utilization on your other accounts. But I haven't yet gotten an Automatic-CLI from them yet, and I've had them since June 2013.
FWIW, I let my Barclay SM card report UTI at just over 30% at the 6 month mark and received an auto CLI from $10K ==> $13K
@chwebb1 wrote:
@Anonymous wrote:Thanks for replying, chwebb1. Yes, I read that case study the other night..
Hmmm, I always thought that if I showed more than 10% utilization on the card right before the 6th statement, they would flag you as high risk on their scoring models and not grant a CLI since it "looks like" you're spending too much and are wayyy past the suggested utilization ratio. Correct me if I'm wrong here?
I believe that it's 50% you don't want to go over, and certainly not 80%. I've personally allowed 30% to report on my Ring, but I do have a small limit (and all of my other accounts had low/no balances so my overall utilization was still around 1-3%). I don't think that one account at 30% is going to hurt you especially if you have low utilization on your other accounts. But I haven't yet gotten an Automatic-CLI from them yet, and I've had them since June 2013.
Got it. I have a CSP with about 3% utilization, and that's all the cards in play right now. Wow, I'm really hoping Barclays isn't as stingy with a CLI.
@DrMac210 wrote:FWIW, I let my Barclay SM card report UTI at just over 30% at the 6 month mark and received an auto CLI from $10K ==> $13K
Thanks for the info, DrMac! I'm still debating whether I'm going to let it report <10% UTIL or ~30% UTIL. I need to make my decision and payment by today!
keep the utilization low my friend.
@Anonymous wrote:keep the utilization low my friend.
Thank you for replying, friend!
I haven't made my payment yet as I'm still on the fence of whether to report a lower util (>10%) or a higher util (~30%). I keep hearing different things!
Le sigh..
I had a $1200 Apple that I opened with a $900 iPhone purchase at 0%... made payments for 6 months and UTI was around 30% at 6 months when I got a $1000 CLI. Never got another one after that... I didn't use the card though after paying off the phone.
I closed that 16 month old account last month when I opened Sallie Mae... As soon as I opened the account I called the backdoor number and moved the Apple CL over and closed that account.... $4500 to $6700 Sallie Mae.
The SM card got more swipes in the first 2 weeks than the Apple card did in the previous 16 months. It's nice to have a card with rewards!
I'm pretty confident I'll get an auto CLI at 6 months... gonna keep UTI under 30%.... $2010. No problem.
30% worked for me on the 5th statement (PIF'd after statement cut) and reported 0 on statement 6.
looks like 30% to me (judging by the ring community)
carrying near max looks like CLD.