cancel
Showing results for 
Search instead for 
Did you mean: 

Credit Card Balance Question Relating to Loans

tag
Anonymous
Not applicable

Credit Card Balance Question Relating to Loans

I remembered my other question!
 
I may not do the best job at explaining but it makes sense in my head. I guess this is two parts. I don't remember if this was an issue when I applied before,
 
Will it hurt me when applying if it shows on my credit report on a few cards that the cl for example is $250 and high balance is $358? The accounts are or will be all in good standing and open by the time I apply and will only have balances on at the most 2-3 of my 7 actual credit cards. No balances as far as I know on any of my 7 store cards by then either. I know that 7 CCS is a lot but the oldest ones are rebuilders and I won't close between now and then, I don't wanna lose AAOA. I'm fairly sure there's nothing I can do to change it if it does hurt me, I can't request CLIs anymore cause I'm avoiding inquiries, I'm just curious. I know I might be asked and I can't see in my paper EQ report what month the balance was, but I know for a fact it was at least 2 years ago when I was having money trouble. I'm thinking it might not be a huge issue since it was so long and I can explain it away.
 
The other question, I have a fairly new Household Bank rewards card. I want to spend the next few months earning as many rewards as I can, but only if I can do it in a way that won't hurt me. Say my statement cuts on the 10th of the month for example and the card reports to the bureaus a day or two before or after. Say I charge 2k on my card a month but pay it once or twice a week so that there's a less than $30 balance when the statement closes. On my report it only shows the high balance, min payment etc. Will it hurt me if I use this card often? Does your system show how much is charged or only what reports?
 
After typing this out, I realize it sounds paranoid, I just don't want to do anything to screw this up and this is the only place I can think of to get answers this far ahead. Plus, if there is a way that you guys see more than I think you can, I'm thinking if I find out now, I have time to change my behavior before next spring.
 
Thanks!
Message 1 of 3
2 REPLIES 2
DallasLoanGuy
Super Contributor

Re: Credit Card Balance Question Relating to Loans



Kareninaz wrote:
I remembered my other question!
 
I may not do the best job at explaining but it makes sense in my head. I guess this is two parts. I don't remember if this was an issue when I applied before,
 
Will it hurt me when applying if it shows on my credit report on a few cards that the cl for example is $250 and high balance is $358? i couldnt care less. but i dont know if fico recognizes this or the impact. The accounts are or will be all in good standing and open by the time I apply and will only have balances on at the most 2-3 of my 7 actual credit cards. No balances as far as I know on any of my 7 store cards by then either. I know that 7 CCS is a lot but the oldest ones are rebuilders and I won't close between now and then, I don't wanna lose AAOA. I'm fairly sure there's nothing I can do to change it if it does hurt me, I can't request CLIs anymore cause I'm avoiding inquiries, I'm just curious. I know I might be asked and I can't see in my paper EQ report what month the balance was, but I know for a fact it was at least 2 years ago when I was having money trouble. I'm thinking it might not be a huge issue since it was so long and I can explain it away.
 
The other question, I have a fairly new Household Bank rewards card. I want to spend the next few months earning as many rewards as I can, but only if I can do it in a way that won't hurt me. Say my statement cuts on the 10th of the month for example and the card reports to the bureaus a day or two before or after. Say I charge 2k on my card a month but pay it once or twice a week so that there's a less than $30 balance when the statement closes. On my report it only shows the high balance, min payment etc. Will it hurt me if I use this card often? i dont think so.... Does your system show how much is charged or only what reports?
 
After typing this out, I realize it sounds paranoid, which is pretty normal around here I just don't want to do anything to screw this up and this is the only place I can think of to get answers this far ahead. Plus, if there is a way that you guys see more than I think you can, I'm thinking if I find out now, I have time to change my behavior before next spring.
 
Thanks!



Retired Lender
Message 2 of 3
islandchild82
Frequent Contributor

Re: Credit Card Balance Question Relating to Loans



Kareninaz wrote:
I remembered my other question!
 
I may not do the best job at explaining but it makes sense in my head. I guess this is two parts. I don't remember if this was an issue when I applied before,
 
Will it hurt me when applying if it shows on my credit report on a few cards that the cl for example is $250 and high balance is $358?
 



No, the high balance having been previously above your credit limit is not factored into scoring. Someone doing a manual review may not like it, but score-wise it makes no difference.
 
The same goes for your Household card. Pay your card down before it reports, and you shouldn't have any problems.
 
 
Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.