BofA reporting... odd

[Creditaddict]

So I got my new BofA secured last month, just had my first bill last week.  Happened to get my Experian today and noticed the reporting of it.

Credit line $500

High Balance $405

Recent Balance (what came on my statement) $151

Recent Payments $659

I have made heavy use of the account as you can see by payments, but where did they come up with high balance etc.?

[Anonymous]

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Creditaddict wrote:

So I got my new BofA secured last month, just had my first bill last week.  Happened to get my Experian today and noticed the reporting of it.

Credit line $500

High Balance $405

Recent Balance (what came on my statement) $151

Recent Payments $659

I have made heavy use of the account as you can see by payments, but where did they come up with high balance etc.?

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High balance is the highest balance that was ever on the account at any time, even if it was never an actual statement balance.  High balance is irrelevant to score, btw, unless the CL is not reported, in which case it is used in place of the CL for utilization calculations.

Recent balance is your statement balance (the balance that was reported).

Message Edited by cheddar on 07-23-2008 08:03 PM

[Creditaddict]

so should i charge it all the way up to 500 next time before making my payment?

[Anonymous]

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Creditaddict wrote:

so should i charge it all the way up to 500 next time before making my payment?

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No, that's not necessary.  Your CL is reported.

If you do that you might go OTL anyway, and you definitely don't want to do that on a brand new BofA card.

[Anonymous]

The bottom line: keep your balance low, and use the card at least once every other month or so, and that will help your FICO score the most.

[Creditaddict]

oh no this is my #1 card, I use it for EVERYTHING, I want it to grow and grow big. I won't let a balance over $50 report next month but I will be using it a ton