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Credit Card Utilization

Frequent Contributor

Credit Card Utilization

This is what I have:

BOA: 1500. Bal:. 28.00
Wells: 2000. Bal: 0
USAA 3000. Bal: 46.00
Orchard: 500 Bal: 120.00
CU Visa. 500 Bal: 46.00
CU credit line ( over draft) 1000. Bal: 0
Walmart: 400 Bal: 85.00
Sams: 800. Bal: 65.00

My question is should I pay these to zero balance before statement or let them report balances like I have to show use? Looks like I have a good cushion to keep my utilization where it needs to be right? Plus hopefully Monday there will be another 2500 from the Chase approval to help as well. Experts share your thoughts to help me get my score up there.

EQ: 672
TU: 708
EX: 665 ( according to lender letter)

Thanks!
Message 1 of 12
11 REPLIES
Valued Contributor

Re: Credit Card Utilization


HYPASS33 wrote:
This is what I have:

BOA: 1500. Bal:. 28.00
Wells: 2000. Bal: 0
USAA 3000. Bal: 46.00
Orchard: 500 Bal: 120.00
CU Visa. 500 Bal: 46.00
CU credit line ( over draft) 1000. Bal: 0
Walmart: 400 Bal: 85.00
Sams: 800. Bal: 65.00

My question is should I pay these to zero balance before statement or let them report balances like I have to show use? Looks like I have a good cushion to keep my utilization where it needs to be right? Plus hopefully Monday there will be another 2500 from the Chase approval to help as well. Experts share your thoughts to help me get my score up there. Paid all your balance to 0 and only let 1 CC report small balance . Dont apps for anything yet wait 1 or 2 months till they all update 0 balance and only one card report balance. Your score should increase about  (+)( -)( 20 points ). Good luck.

EQ: 672
TU: 708
EX: 665 ( according to lender letter)

Thanks!

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 2 of 12
Super Contributor

Re: Credit Card Utilization


HYPASS33 wrote:
This is what I have:

BOA: 1500. Bal:. 28.00
Wells: 2000. Bal: 0
USAA 3000. Bal: 46.00
Orchard: 500 Bal: 120.00
CU Visa. 500 Bal: 46.00
CU credit line ( over draft) 1000. Bal: 0
Walmart: 400 Bal: 85.00
Sams: 800. Bal: 65.00

My question is should I pay these to zero balance before statement or let them report balances like I have to show use? Looks like I have a good cushion to keep my utilization where it needs to be right? Plus hopefully Monday there will be another 2500 from the Chase approval to help as well. Experts share your thoughts to help me get my score up there.

EQ: 672
TU: 708
EX: 665 ( according to lender letter)

Thanks!

Looking for max score pay all cards off except 1 let it report a balance between 1-9% of total credit limits 

but your gardening so it really doesnt matter if you let them report balances if you like Smiley Wink

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 3 of 12
Frequent Contributor

Re: Credit Card Utilization

Most of these haven't even reported even once yet cause they are new. Should I at least let them report a small balance the first time to show usage?
Message 4 of 12
Super Contributor

Re: Credit Card Utilization


HYPASS33 wrote:
Most of these haven't even reported even once yet cause they are new. Should I at least let them report a small balance the first time to show usage?

As long as your gardening it doesn't matter its when you plan to app you want the maximum scoring rule for highest score 

Me personally I use new cards the first month and let each report after app'ing then I go back to trying to raise scores and switch which 1 reports every month

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 5 of 12
Frequent Contributor

Re: Credit Card Utilization

Your score goes by the UT of all accounts combined tho correct as long as none of them are close to being maxed?
Message 6 of 12
Frequent Contributor

Re: Credit Card Utilization

Lets just say if all my accounts reported right now with the balances I showed above, do you think my score would increase, decrease or stay pretty much the same?
Message 7 of 12
Super Contributor

Re: Credit Card Utilization


HYPASS33 wrote:
Your score goes by the UT of all accounts combined tho correct as long as none of them are close to being maxed?

Correct

(1) you never want to exceed 30% of total limits

(2) for max score let 1 card report a balance of 1-9%

Hope this helps  

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 8 of 12
Regular Contributor

Re: Credit Card Utilization


myjourney wrote:

HYPASS33 wrote:
Your score goes by the UT of all accounts combined tho correct as long as none of them are close to being maxed?

Correct

(1) you never want to exceed 30% of total limits

(2) for max score let 1 card report a balance of 1-9%

Hope this helps  


Heard this a lot.

 

But waht if I have only one card? Does 0 on balance mean 0 usage? 

Message 9 of 12
Super Contributor

Re: Credit Card Utilization


vwgrrc wrote:

myjourney wrote:

HYPASS33 wrote:
Your score goes by the UT of all accounts combined tho correct as long as none of them are close to being maxed?

Correct

(1) you never want to exceed 30% of total limits

(2) for max score let 1 card report a balance of 1-9%

Hope this helps  


Heard this a lot.

 

But waht if I have only one card? Does 0 on balance mean 0 usage? 


Same applies with one card 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 10 of 12