Reply
Established Contributor
EaglesFan2006
Posts: 522
Registered: ‎01-31-2008

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: $4500
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

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.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Contributor
EaglesFan2006
Posts: 522
Registered: ‎01-31-2008

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: $4500
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

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.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Contributor
EaglesFan2006
Posts: 522
Registered: ‎01-31-2008

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: $4500

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+