Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 971
Registered: ‎01-13-2008
0

Re: Holiday Balances

Marty and Upper, I'm with both of you on this and so far I'm OK too. I charge a couple grand a month and pay in full. So far so good.
1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
New Visitor
Posts: 1
Registered: ‎11-26-2012
0

Re: Holiday Balances

The thing to watch for is your percentage of credit used of any particular card.  Even though you PIF, you still don't want to use 90% of your credit on any card.

 

Secondly, the above applies even if you pay everthing that you charged THIS month.  So if your statement says that you owe $100 and you charge $900 more on a $1000 credit limit, your CR will say that you charged $1000 even though you pay in full every month.

Valued Member
Posts: 68
Registered: ‎09-10-2012
0

Re: Holiday Balances


GreenThumbSD1 wrote:

The thing to watch for is your percentage of credit used of any particular card.  Even though you PIF, you still don't want to use 90% of your credit on any card.

 

Secondly, the above applies even if you pay everthing that you charged THIS month.  So if your statement says that you owe $100 and you charge $900 more on a $1000 credit limit, your CR will say that you charged $1000 even though you pay in full every month.


Best advice I have seen....right now, the rules for calculating the scores keeps this in mind..... If you decide to carry a balance, I would carry no more than 7 percent of a balance to debt/ratio if you have had the card PIF before hand and reported that way. Let me make this clear, unless there is a "big fat conspiracy", this is not a bank rule rather a FICO rule. They make the rules, not me.

On another note, I have often wondered if part of the negative perception of carring a balance on the part of FICO has to do with not using the card with a balance being carried. For example, if someone charges something 100 dollars on a 300 dollar debt ceiling for the holidays but does not pay off the complete balance and stops charging on the card, I wonder if this is the negative perception? I hope I explained that well....

You can wrap me in your flag, make me say a praise to your creator and make me spend your currency, but remember this, I am a loyal servant to Justice and a Patriot to none. I am free...
New Visitor
Posts: 1
Registered: ‎11-27-2012
0

Re: Holiday Balances

Great cautions to have.

 

Established Contributor
Posts: 597
Registered: ‎01-31-2008
0

Re: Holiday Balances


GreenThumbSD1 wrote:

The thing to watch for is your percentage of credit used of any particular card.  Even though you PIF, you still don't want to use 90% of your credit on any card.

 

Secondly, the above applies even if you pay everthing that you charged THIS month.  So if your statement says that you owe $100 and you charge $900 more on a $1000 credit limit, your CR will say that you charged $1000 even though you pay in full every month.


How accurate is this?  I mean at times I've used my card more than 90%, but I pay multiple times a month...and the CC only reports once a month, usually on the statement date, so isn't it based on the balance that you have at that time?

 

In any case, i'm pretty nervous about this whole thing after reading these posts, even though the bulk of them were written during the worst of the financial crisis.  I use my cards regularly, but make large payments each month (though not PIF).  I guess all I can do is hope for the best.

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
0

Re: Holiday Balances

I think reporting 90% is a lot different than using 90%. 

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Established Contributor
Posts: 597
Registered: ‎01-31-2008
0

Re: Holiday Balances


Jutz wrote:

I think reporting 90% is a lot different than using 90%. 


I agree, so I'm wondering what guidelines the CCs use.  Frankly, I can't see why they'd cut your limit if you use the card regularly and make sizeable payments. 

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Frequent Contributor
Posts: 412
Registered: ‎04-02-2012
0

Re: Holiday Balances

Wow, this thread was from 2009.  I was going to say, I haven't heard of lines getting cut in years....

My Wallet:
Discover It $20.3k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX BCE $8.2k | Costco Citi Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Citi Visa Signature $3k | AMEX Schwab $3k | Care Credit $3k | Wells Fargo $1k

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.