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Holiday balances

Established Contributor

Holiday balances

I was just reading an email from myfico that linked to a post about holiday balances. It was from 2009, and talked about people suffering creditwise after carrying balances over the holidays... Including cards cutting limits and such.

Am I right in assuming that CCs aren't really doing that now? I've read before that things like balance chasing have diminished in the last 2 years. For me, I always pay well more than the minimum but I rarely PIF. That means I usually have a balance at times, but good payment and usage history.
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
Message 1 of 5
4 REPLIES
Mega Contributor

Re: Holiday balances


EaglesFan2006 wrote:
I was just reading an email from myfico that linked to a post about holiday balances. It was from 2009, and talked about people suffering creditwise after carrying balances over the holidays... Including cards cutting limits and such.

Am I right in assuming that CCs aren't really doing that now? I've read before that things like balance chasing have diminished in the last 2 years. For me, I always pay well more than the minimum but I rarely PIF. That means I usually have a balance at times, but good payment and usage history.

Eh, as long as your not carrying high util. 60% or over for months I wouldn't worry about it.

 




EQ FICO 548 3/3/16
Message 2 of 5
Established Contributor

Re: Holiday balances

So if they see high util, they could cut limits? How likely is that? I have one card with very high util, but it's a low limit cap one that I'm going to pay down and kill. My main cards carry high at times, but I pay size able payments each month and then don't use until statement generates.
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
Message 3 of 5
Mega Contributor

Re: Holiday balances


EaglesFan2006 wrote:
So if they see high util, they could cut limits? How likely is that? I have one card with very high util, but it's a low limit cap one that I'm going to pay down and kill. My main cards carry high at times, but I pay size able payments each month and then don't use until statement generates.

If they see high util. over the course of months and months it might send a red flag up, but as long as your making big payments I would not get spooked about it.

 




EQ FICO 548 3/3/16
Message 4 of 5
Highlighted
Established Contributor

Re: Holiday balances

Also, does using a card too frequently during the holidays look bad, even if you make regular 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
Message 5 of 5