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Posts: 16,373
Registered: ‎03-12-2007
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Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?



m_jonis wrote:
So if mine are:
Card # CL Cur Bal:
1 9,000 6,500
2 7,800 0
3 17,000 0
4 6,000 3,700
5 3,000 0
6 4,500 2,500 (This is my Crap1 card and they don't report CL)
7 9,800 7,200
8 9,800 4,000
9 6,000 2,400
10 9,000 2,600
11 11,200 2,200
12 10,000 3,200
13 0 965 (Lumber Liquidators that they closed)
14 11,000 0
15 1,000 0
16 1,000 0
17 6,000 0
18 1,000 0
19 3,000 1,100
20 3,500 0
21 6,600 0

FICO is about 715 and I think they report my util at 26% Seems that what you're saying is that my cards #1 and 7 are "killing" my score more than the actual utilization is? So I'm better to spread the debt below what "magic" number to increase the score? Right now the balances are that way due to 0% or some other low fixed rate. The Lumber Liquidators used to have a 6,000 credit limit, but they ended their Visa card relationship with WellsFargo and closed the account (I have to pay it off by 8/15/07 as that's when the 0% financing ends). I've left out my Amex cards that don't have a credit limit. Crap1 only report high limit (4500) and not the actual CL (which is 7500). Because they're whores. But I have 0% for another 12 months.

Message Edited by m_jonis on 07-26-2007 06:59 PM

FYI there are two types of util% calculations: one for each CC (all revolving accounts) and a cumulative util% calculation (all revolving accounts). Your Amex cards, include them, the CRAs frequently report them inaccurately and this can tank your FICO scores. Maybe not in your case since you say your score is 715. It's late, so I will chime back in tomorrow to explain in more detail.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

m_jonis,


Your overall util is 26 percent, but here's your individual CC util in descending order. Either one can be a score killer.


7 - 73%
1 - 72%
4 - 62%
6 - 56%
8 - 41%
9 - 40%
19 - 37%
12 - 32%
10 - 29%
11 - 20%


On Cap 1, since they don't report CLs, FICO will use the reported high balance. The way to outwit Cap 1 is to BT a balance to your Cap 1 CC, and max it out. I did mine to the penny. [As Cap 1 chooses to be wh*res, I choose to give 'em every inch.] Then pay it down. I don't believe you actually have to let a maxed or near maxed out balance report. Once they up my CL in a month or so, I'm going to find out. My plan is to BT a balance to Cap 1 to max it out with the new CL. Wait a few days with that maxed balance on the CC, then pay it down $20 or so. A few days before the payment due date, I'll pay it down to 1-9 percent util.


Are your AMEX CCs all charge cards and not credit cards? Green, Gold or Platinum rewards? Not Blue, Clear, Delta, Hilton, Optima, et al.?


There are various magic numbers concerning util, and there's a lot of speculation as to what the magic numbers are. My flat out guesses from reading here and elsewhere are:
Over 50 percent
Between 30 and 50 percent
Between 10 and 29 percent
Between 1 and 9 percent
0 percent


Between 1 and 9 percent util is ideal for your FICO score.

Contributor
Posts: 76
Registered: ‎06-30-2007
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Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

Hi noah. I actually have 5 Amex cards. One is a Corporate gold card (I didn't show it on the list as I don't have a balance on it), but I forgot to see what the "high balance" is showing (that's usually what they report instead of CL) One is a Gold Rewards card (I didn't show that either), but I believe HBAL was $5500, and I owe nothing on it (well, I don't "carry" a balance, but there's always charges on it, since it's a PIF account). Then I've got the Blue (That's the $17,000 one), Skymiles (That's the $6,000 one), and Platinum business skymiles (that's the $3,000 one). Those 3 I reported on the list as they're "balance" cards. It would be nice if FICO elaborated on their individual CC util scoring. I figured there was "some" magic number at the 50% level, but there may be more magic #'s below that (ie, you go over 50% you take a 20 point hit, but let's say, you go over 10% and it's only a 5 point hit)
Finally made it to 813
Moderator Emeritus
Posts: 16,373
Registered: ‎03-12-2007
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Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?



m_jonis wrote:
Hi noah. I actually have 5 Amex cards. One is a Corporate gold card (I didn't show it on the list as I don't have a balance on it), but I forgot to see what the "high balance" is showing (that's usually what they report instead of CL) One is a Gold Rewards card (I didn't show that either), but I believe HBAL was $5500, and I owe nothing on it (well, I don't "carry" a balance, but there's always charges on it, since it's a PIF account). Then I've got the Blue (That's the $17,000 one), Skymiles (That's the $6,000 one), and Platinum business skymiles (that's the $3,000 one). Those 3 I reported on the list as they're "balance" cards. It would be nice if FICO elaborated on their individual CC util scoring. I figured there was "some" magic number at the 50% level, but there may be more magic #'s below that (ie, you go over 50% you take a 20 point hit, but let's say, you go over 10% and it's only a 5 point hit)

Watch out with Amex PIF charge cards! Make sure the CRAs report these accounts as other open accounts and NOT revolving ones. Otherwise, your cards will essentially report the high balance as your outstanding balance, with util% near 100 and this will certainly tank your credit scores. I have this situation going on with EX. EQ and TU report my Gold card as an other open account, so this does not factor in my util%. EX reports this same card as a revolving maxed-out card and my scores dropped a ton.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

1 to 9 percent is ideal and will give you the best possible FICO score based on util. That much FICO does confirm to those who've talked with customer service. Presumably, a $0 balance is the next best thing. After that, as your util rises above 9 percent, your FICO scores tend to take a hit. 30 percent and 50 percent are SWAGs.
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