I hope someone can answer my question...my CitiBank Select CC reported over the limit by $40 to all 3 CRA....this month I made a $550(10% of CL) payment....my other 4 cc will report below 30% of the CL....will this help bring up my score? If so by how much?
bringing your util down does increase your score... It can differ from each person and each cra. . . I would wait until all of your cards report and check them and see how much of a boost you got. But yes, you should see an increase.
7/3/08- EQ= 642 UTIL=98% (12/07) 87%((4/08)-41%(5/08)-29%(06/08) GOAL- >9% by 12/08
I'm pretty sure that you don't get a score ding from a reported over-the-limit, but your other CCC's might notice it and rate-jack you, depending on whether they practice universal default or not. Obviously the high util was hurting.
I would definitely be concerned about Citi raising your APR. If this was a one-time mistake, they might forgive you, but you should keep checking to see if this happens. If it does, I'd call customer service during traditional US business hours (say 8 a.m. - 6 p.m. Eastern) in hopes of getting a supervisor who can exercise some forgiveness. And your best bet will be to continue knocking down the balance as quickly as you can.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit? FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
I had a case like this that occurred in my hh. Person went o/l with Citi and Chase. Was ratejacked by both. Appealed both. Was given forgiveness by Citi - heartless Chase said NO! We don't remember if Citi returned him to his original APR or just lowered it from the default APR.
Don't worry about your card reporting OCL. DO NOT GO OVER YOUR CL. The problem is more with the issuer that FICO. And NEVER be late!