Credit Cards

[snowkitty]

Ok....am I fairly new to all of this and was just looking through my EX credit report because I had a dispute on a collection that I knew nothing about. This morning I got an email sayiing it was deleted *woohoo* so I was looking over my current report. I have had my bank of america 99/500 card since 8/12 and have been paying it weekly so I am curious about the way it is posting my information. No statement has cut with a balance since I keep paying it off. So it shows my high balance as 95.00 which is correct from throughout the month. But it is showing my recent payment is 246.00 and I know that is true but I don't understand why they show it this way and if that helps or hurts your report when other creditors look at it. What if I paid over 500.00 in a month....does that look like I went over my limit? I'm really confused 

Date Opened: 08/2012 Date of Status: 09/2012 Reported Since: 08/2012 Last Reported Date: 09/2012

Type: Secured Card Terms: N/A  Monthly Payment: $0 Responsibility: Individual

Credit Limit: $500 High Balance: $95  Recent Balance: $0 Recent Payment: $246

[jsucool76]

High balance is the highest balance your card has reported with, which is $95 dollars. And your recent payment was $246.

If no statement has cut yet, it sounds like they did a mid cycle report, and when they reported you had just paid $246 and had a balance of $95 so it reported $95 as your high balance.

[TheConductor]

The main thing to know is this should not affect your score at all.

Someone doing a manual review of our credit report might look twice, but even then it is no big deal.  Having a high balance higher than your credit limit is what would more likely spark a question from a credit analyst since that would mean either you were over limit at some time or had had a credit limit decrease.

Don't worry...just keep using your cards responsibly and you will be fine.

[YahComb]

High Balance on BOA is just what is the highest amount of posted charges that you've ever had at once at any point during the statement(at the end of any given day). If anything, the higher(as long as it doesn't go over your limit) the better, because it shows you are actually really using your card. If your total payment is higher than your credit limit, all that says is that you have the financial ability to use a higher credit limit than what you've been given.

The only thing you need to be worried about is the reported(aka recent) balance.

[snowkitty]

OK....so as long as my high balance never goes over 500.00, I will be ok even if it showed a recent payment of 700.00 (for example). That would just show that I use my card alot but pay if off several times in a month? Will all my credit cards post this way? And does experian just show this differently than how EQ & TU do? Because EX seems to show alot more information than the other one's do.

[jsickz32]

I dont think it will affect you. my bofa plat plus had a 3k cl and i moved 2k to open a new card and now on my report show that my high balance was 2798.xx and my cl now on that card is now 1k.

[YahComb]

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snowkitty wrote:

OK....so as long as my high balance never goes over 500.00, I will be ok even if it showed a recent payment of 700.00 (for example). That would just show that I use my card alot but pay if off several times in a month? Will all my credit cards post this way? And does experian just show this differently than how EQ & TU do? Because EX seems to show alot more information than the other one's do.

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no not all cards work that way. I think discover reports high balance as the highest statement balance you've had. But most of my cards report the highest balance i've had on the card at any one time.

EQ and TU also show your high balance, but  i use USAA and it doesn't show the EQ high balance even though i see it when i look at my real full equifax report. ALSO when my BOA was secured, it didn't say "secured" on TU at USAA, even though i saw it there on my real TU report. So these sites that give you 3-in-1's may not get every little bit of info.

Experian is more advanced right now, they also show your payment history (the actual amounts, not just the little OK box) and when you've had credit limit changes.