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Member
Posts: 5
Registered: ‎03-27-2009
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Credit Card Balance

Do creditors see your past cc balances? I have 1 cc and I have been carrying a high balance for a few months now. Needless to say my score took a huge dip, but I'm ready to pay off the balance and feel confident my score with bounce back. I am just curious if anyone knows if I apply for a new loan or cc will the creditors see the high balances I had in the past few months. I know it shows the high balance, but will it show consecutive months? Also my experian is at 668, do you  think my score could hit 700 because 668 is with 93% available credit usage. Thanks ahead of time.

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Credit Card Balance

They can see the past balances.  Your score will go up since only current utilization is used for score.

Member
Posts: 5
Registered: ‎03-27-2009
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Re: Credit Card Balance

Do you think that might show them I'm risky if the past 3 months I have had a high balance? I have pretty well rounded credit otherwise. I'm trying to get above 680 ,do

you think I have a good chance of reaching that considering I only have 1 cc ?  When I pay of the balance being 30% of my score. Thanks

Regular Contributor
Posts: 248
Registered: ‎01-18-2009
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Re: Credit Card Balance

[ Edited ]

My utilization was around 60%. After I paid them off, let 1 card report and keep utilization below 10%, my score went from 664 to 730.

 

Do some research before you app because you may get to 700 but most creditors also look at many other factors like your income, AAoA,...

What's in your wallet?
-Not Capital One.
Member
Posts: 5
Registered: ‎03-27-2009
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Re: Credit Card Balance

Well that's very encouraging because everything else I have is well rounded. I have 7 active accounts all never been late, 6 closed accounts all never been late. I had 2 collections that have been paid off over 3 years ago. Do you mean you only had 1 cc as well and your score jump that much in one 30 day cycle?

Valued Contributor
Posts: 2,708
Registered: ‎10-16-2008
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Re: Credit Card Balance

Hi, JaredLaird!

 

I think you've got a really good shot at hitting at least 700 once that paid off balance reports.

 

Lenders will see your past balances, though.  And they do like to see consistency in payment patterns.  I don't think it impresses them if a large balance is paid off only when tax refunds are issued, for instance.  IMO, they'd prefer to see a regular pattern of paying at least 5% (preferably much more) of your balance consistently over time.

 

I would suggest using that one card of yours often over the next six months, and then paying it off in full every month.  You'll establish the pattern they're looking for, and I think that will help you to get other decent cards in the future.

 

Let us know how you make out (scorewise) when that paid balance finally reports!   I hear the 700 Club is seeking new members!  :smileyhappy:

 

 

Senior Contributor
Posts: 4,266
Registered: ‎05-01-2008
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Re: Credit Card Balance

 


JaredLaird wrote:

Do creditors see your past cc balances? I have 1 cc and I have been carrying a high balance for a few months now. Needless to say my score took a huge dip, but I'm ready to pay off the balance and feel confident my score with bounce back. I am just curious if anyone knows if I apply for a new loan or cc will the creditors see the high balances I had in the past few months. I know it shows the high balance, but will it show consecutive months? Also my experian is at 668, do you  think my score could hit 700 because 668 is with 93% available credit usage. Thanks ahead of time.


 

I have to ask...where did you get that Experian score?  We, as consumers, have not been able to purchase our EX FICO scores since Feb 09.    If that didn't come from a loan officer, it's a FAKO. 

 

I usually keep an eye on my EQ & TU FICO's & just assume that my EX is lower.  If it turns out to be higher...all the better!



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 02/2015 TU 709 - EQ 676 - EX 729
Goal Score: 850

Bury me in the garden...last app 12.19.14

Member
Posts: 5
Registered: ‎03-27-2009
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Re: Credit Card Balance

It came from a loan officer. I know that consumers can no longer purchase their experian fico score. I will definately let you know when I join the 700 club. I have worked so hard on getting to this point. I can't tell you how many times I had to cut corners to pay my bills on time, but its all worth it in the long run.

Valued Contributor
Posts: 2,708
Registered: ‎10-16-2008
0

Re: Credit Card Balance

 


JaredLaird wrote:

It came from a loan officer. I know that consumers can no longer purchase their experian fico score. I will definately let you know when I join the 700 club. I have worked so hard on getting to this point. I can't tell you how many times I had to cut corners to pay my bills on time, but its all worth it in the long run.


JaredLaird, you are so right. 

 

It's gonna be a great feeling when you see those 700's for the first time. 

 

It's gonna be an even better feeling when you're still cutting corners to pay those bills, but then you look around and find that you don't have them anymore...they're all paid!  It's a little confusing at first when that happens, 'cause you don't know what to do with that extra money (but you'll figure it out).  :smileyhappy:

 

 

 

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