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Got kicked in the butt by Capital One this morning.

Super Contributor

Re: Got kicked in the butt by Capital One this morning.

Whats wrong with showing use on your cards?

If you are gardening like you say you are, this is green light to use and abuse your cards since no one will nesc be looking at you too hard.
EX FICO  16 INQ  791
EQ FICO  10 INQ  786
TU FICO  12 INQ  790
Total CL$477,00038 TL
Message 11 of 21
Super Contributor

Re: Got kicked in the butt by Capital One this morning.


cashnocredit wrote:

Canadian-In-Seattle wrote:

Unless you are apping something next month it doesn't matter and may even help you.

It won't matter because your score will instantly bounce back once your utilization updates next month to show the lower balance. You only really need to fine tune utilization when you are planning to do something with your score.

It may help because maxing your card but then PIF is something you can use to try and push for a CLI. Once you pay that balance in full if you haven't CLI'd in awhile call them up and say you are feeling constrained by the limit even though you pay the balance down immediately. It might work!


^This

 

After it reports, you pif, and that reports, it will help your credit capacity score, a score that estimates your ability to take on more credit. FICO doesn't sell these to consumers but does sell them to creditors. Let your balance go near your CLs from time to time. You only need to worry about your utilization when applying for new credit and that's the time to proactively prepay balances to minimize util. Makes it easier to get CLIs.

 


^ These x10

 

Too many people here try too hard to not report any balances. Then, when some folks try to start carrying balances, they can find AA from now-nervous lenders.

Regularly (as Nixon puts it) abusing your cards, pushing to 90% of limit, especially when it is only $750 is recommended. It shows on your statement, prints a "high balance" for the card on your CR, you PIF, no interest cost, CapOne gets more comfortable, other lenders who SP you see the high balance, and payment, so the next time you want to do a large charge, they are fine, and yes, it likely leads to CLI down the road. FICO score impact? Who cares.

 

Congrats on getting the iPad!

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812

Delta Reserve and CSP Jan 2018, no more 5/24 worries... unless new Chase Marriott/SPG replacement is enticing...meh, turns out not.
Message 12 of 21
Super Contributor

Re: Got kicked in the butt by Capital One this morning.

Yep. In the middle of last years app o rama I was regularly reporting 40-60% utilization on new tradelines.
EX FICO  16 INQ  791
EQ FICO  10 INQ  786
TU FICO  12 INQ  790
Total CL$477,00038 TL
Message 13 of 21
Established Member

Re: Got kicked in the butt by Capital One this morning.

There isn't really a problem with using your cards.  Too many people worry about "gardening" and CLIs and it's not realistic.  Just pay it off and move on with your life.  




I'm in it for thee points. If I wanted to play in a garden I'd go to my grandma's house.
Message 14 of 21
Valued Contributor

Re: Got kicked in the butt by Capital One this morning.

I'll hit a little under 30% overall this month when I usually am at like 6% or so. Not to worried though, like Nixon and Jwolfer had said, what's wrong with showing use on your cards?
Message 15 of 21
Valued Contributor

Re: Got kicked in the butt by Capital One this morning.


Canadian-In-Seattle wrote:

Unless you are apping something next month it doesn't matter and may even help you.

It won't matter because your score will instantly bounce back once your utilization updates next month to show the lower balance. You only really need to fine tune utilization when you are planning to do something with your score.

It may help because maxing your card but then PIF is something you can use to try and push for a CLI. Once you pay that balance in full if you haven't CLI'd in awhile call them up and say you are feeling constrained by the limit even though you pay the balance down immediately. It might work!


+1 Smiley Happy

 

It's no big deal.

Message 16 of 21
Super Contributor

Re: Got kicked in the butt by Capital One this morning.


cashnocredit wrote:

Canadian-In-Seattle wrote:

Unless you are apping something next month it doesn't matter and may even help you.

It won't matter because your score will instantly bounce back once your utilization updates next month to show the lower balance. You only really need to fine tune utilization when you are planning to do something with your score.

It may help because maxing your card but then PIF is something you can use to try and push for a CLI. Once you pay that balance in full if you haven't CLI'd in awhile call them up and say you are feeling constrained by the limit even though you pay the balance down immediately. It might work!


^This

 

After it reports, you pif, and that reports, it will help your credit capacity score, a score that estimates your ability to take on more credit. FICO doesn't sell these to consumers but does sell them to creditors. Let your balance go near your CLs from time to time. You only need to worry about your utilization when applying for new credit and that's the time to proactively prepay balances to minimize util. Makes it easier to get CLIs.

 


+1 totally agree. sometimes its ok to push that puppy to the edge. maybe thats why ive received so many cli's in short period of time. will max one out once and a while and let it report. in my mind . max out. is 50 or 60 percent. then i will pay it down. cli every single time.

if only citi would listen on my best buy. Smiley Sadthey want hard pull. so no big deal. especially that is not your overall utilization. it is only on that 1 card. unless that is your only card.

Message 17 of 21
Frequent Contributor

Re: Got kicked in the butt by Capital One this morning.

You can pay before you even make the purchase.  Pay through your bank's website (not Capital One's website), and just send whatever even if the balance is 0.  I do this all the time - I'm not trying to get to a 0 balance, but sometimes I make purchases and then I just happen to go try to pay them down before the purchase clears.

 

Anyway, this doesn't really matter, since your score will recover instantly once next month's statement hits with lower utilization.

BofA Cash Rewards 25,000 (2009) | Citi Forward 25,000 (2011) | Cap1 Quicksilver 22,500 (2013) | Discover It 17,600 (2014) | Chase Freedom 6000 (2014) | Barclaycard Sallie Mae 25,000 (2014)

FICO: 810 Discover/Barclays/BofA TU, 826 Citi Equifax
Message 18 of 21
Established Contributor

Re: Got kicked in the butt by Capital One this morning.

You don't have to wait for the charge to post. You can make a payment via online banking and the problem is solved
Message 19 of 21
Valued Contributor

Re: Got kicked in the butt by Capital One this morning.

This is not a big deal. If you are not applying for any new credit for a couple of months or requesting clii's where your bureaus are being checked it's ok.

 

When you have a thin file and are rebuilding or starting out with credit it is nearly impossible to keep utilization below 30% at all times. Your limits are too low for that. Besides, Capital One likes to see usage. When our Cap One Platinum card had a $750 limit there was a $450 balance when credit steps kicked in and the limit was raised to $3750. They can decline cli's for not seeing enough spending relative to your credit limit. If you make triple or quadruple the minimum payment with them monthly and charge up 75% of a low limit card you most likely will see a decent bump from them.

 

Plus your spending patterns help determine when or when not to flag your charges.  They base flagging or not flagging your charges based on your usage patterns.

 

We went to a trade show several weeks ago and spent $7000 on a $15,000 limit Am Ex for merchandise and time off expenses. I paid back $1200 this morning and as we get our sales revenue all that money will go back on the card weekly. Sure our utilization went up 15% on our bureaus, but it will go back down as we make sales and payments.

 

Thatt is what credit is for, to use responsibly and pay back in a timely manner. When it's time to app or request cli's  pay cash instead of using your cards and then your utilization will be under 30% and your scores will be higher.

 

Plus you should know the due date and closing date on your cards. For example, my Am Ex due date is the 7th and closing date the 12th. I would not make a large purchase on the 10th-12th knowing the statement will close then because on the 13th my balance will be reported to the credit bureaus. I would wait till the 14 the or 15th.

Fico Scores 11/14/16: EX 735,EQ 713,TU 690

Citi Costco$15,000/BBVA Am Ex $7000/Am Ex BCE $24,000/Macy's Am Ex $6000/ Macy's $6800,LL Bean Visa$3400/Citi DP $4100/Citi DC $4400/Bloom AmEx$7000, Bloom $7300,TotalRewardsVisa $2000 Blispay $7500,Cabelas Visa $7000/Discover $1800/ Quicksilver $4300/ J Crew $6600/Dillard's $1600/Barney's $24,000/Care Credit $5000/Stash Visa $6000 JCP $2300 Hyatt Visa $10,000, Deer Valley CU Visa $3000 and$1000 Sync Home $6500, Wells comm$4700, Saks2000
Message 20 of 21