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I woke up yesterday to citi taking 5k from me on my 7k line. So I am left with a total limit of 2k
I called them and they said they made a mistake when they increased my line to 7k because my card was still a secured card it should not have been approved.
Will this change greatly affect my scores?
Here is what I have left and balances
barclays 5k limit 20.00 balance
bofa 5k limit 450.00 balance
citi 5k limit 8.00 balance
citi 2k limit credit of 55.00
penfed amex 5k limit 0.00 bal
penfed checking line 500.00 0.00 bal
will the decrease of 5k really ding me?
Yes, it might ding you some, but you can easily make up for that by paying off the little balances on several of your cards. Having fewer cards reporting balances may be enough to make up for any increase in utilization rate.
@Gunnar419 wrote:Yes, it might ding you some, but you can easily make up for that by paying off the little balances on several of your cards. Having fewer cards reporting balances may be enough to make up for any increase in utilization rate.
I agree. Too many balances reporting is not good.
I am not going to let any balances report, but one
According to creditkarma, my utilization is too low so I am getting dinged on that..I have a C for utilization...so i guess I need to let one card report a larger balance
It showed I owed 95.00 dollars total across all cards. I guess that balance is not high enough and I need to leave a larger balance so my utilization will be between 2 % and 7 %
@Andy77 wrote:
I am not going to let any balances report, but one
According to creditkarma, my utilization is too low so I am getting dinged on that..I have a C for utilization...so i guess I need to let one card report a larger balance
It showed I owed 95.00 dollars total across all cards. I guess that balance is not high enough and I need to leave a larger balance so my utilization will be between 2 % and 7 %
haha.....0% or below is too low.
It won't greatly effect your utilization as its already low enough. I don't think it will effect your scores at all.
OP, I doubt you will even see a single point move as your outstanding balances are already low opposed to the total available credit. I think I would be closing that Citi card.
@Andy77 wrote:
According to creditkarma, my utilization is too low so I am getting dinged on that..I have a C for utilization...
creditkarma is an okay resource for tracking when inquiries and CL changes come onto your report,
but they are totally full of it as far as how they treat utilization for calculating their FAKO score. If you
have access to a "real" TU FICO score and watch it change in response to changes in your utilization,
you would see CK FAKO often move in the opposite direction to a real TU FICO while looking at the same
underlying data. At least it does for my "bucket" when I tweak my reported utilization.
My CK FAKO is currently 748, my TU08 FICO is currently 812. I also rank a "C" from CK for utilization of
~1%.
@gdale6 wrote:OP, I doubt you will even see a single point move as your outstanding balances are already low opposed to the total available credit. I think I would be closing that Citi card.
+1