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How Should I Let These New Cards Report?

Regular Contributor

How Should I Let These New Cards Report?

Okay so I got my Secured BofA card ($300) like 2 months ago and have always let it report at 1% UTIL.

I have now added Amazon ($800) and WalMart ($1000). I want to know how should I let these report? Do I let them report at 1% as well OR do I continue to allow my BofA to report at 1% and let these two cards report at $0?

 

Thoughts? 


Starting Score: (FICO)(August 29, 2013) 502(EQ) 568(EX) 549(TU)
Current Score: (FICO) (January 28, 2017) 712(EQ) 720(EX) 720(TU)
Goal Score: 720(EQ) 720(EX) 720(TU)

Amex Business Platinum NPSL | Chase Sapphire Preferred $15,000 | Chase Freedom $9000 | Amex ED $1,000 | BofACash Rewards $3100 | Amazon Store Card $4000
Message 1 of 21
20 REPLIES
Established Member

Re: How Should I Let These New Cards Report?

I think as long as your total Util is below 10% you'll be golden. It doesn't really matter as far as the individual card is concnerned. 

BCE: 24k/AMEX PRG: NPSL/BofA Travel Rewards: 13k/CSP: 6.5k/Marriot Rewards: 6.5k/Barclays Arrival: 9k/Discover It: 6.5k

Message 2 of 21
Super Contributor

Re: How Should I Let These New Cards Report?

Your score decreases (perhaps only slightly) if you have anything other than one card reporting a balance (i.e 0 and 2 to n is less good than 1).

Message 3 of 21
New Contributor

Re: How Should I Let These New Cards Report?

With 1-4 cards, I always let 1 card report at <10% of the card's limit and at 1-2% of the total credit line.

 

With 5-10 cards, I let 2 cards report at <10% of each card's limit and 1-2% of the total credit line.

Capital One Cash Rewards for New Comer: $1,500 (09/12), Local Credit Union: $1,500 (10/12), Chase Freedom: $1,500 (04/13), Discover IT: $2,100 (04/13), AMEX Gold Charge Card: NPSL (06/13), AMEX BCE: $6,000 (06/13), Chase United Explorer: $6,000 (10/13), Chase Ink Cash: $3,000 (10/13), Barclays Arrival Platinum: $3,000 (10/13), US Bank Flexperk Travel Rewards: $5,000 (01/14), Capital One Venture: $5,000 (01/14), Citi AA World MC: $6,500 (01/14),Citi AA Executive World Elite MC: $5,000 (01/14)
Message 4 of 21
Regular Contributor

Re: How Should I Let These New Cards Report?

Okay so basically...I should let 1 card report at 1% UTIL and the other two report at $0 --- CORRECT?

Starting Score: (FICO)(August 29, 2013) 502(EQ) 568(EX) 549(TU)
Current Score: (FICO) (January 28, 2017) 712(EQ) 720(EX) 720(TU)
Goal Score: 720(EQ) 720(EX) 720(TU)

Amex Business Platinum NPSL | Chase Sapphire Preferred $15,000 | Chase Freedom $9000 | Amex ED $1,000 | BofACash Rewards $3100 | Amazon Store Card $4000
Message 5 of 21
Super Contributor

Re: How Should I Let These New Cards Report?


thecentury303 wrote:

With 1-4 cards, I always let 1 card report at <10% of the card's limit and at 1-2% of the total credit line.

 

With 5-10 cards, I let 2 cards report at <10% of each card's limit and 1-2% of the total credit line.


OK, so do you find that better than 1 card reporting regardless of the number of cards?

Message 6 of 21
Established Member

Re: How Should I Let These New Cards Report?

This would be to maximize CS correct?

 

What about trying to get auto CLI. Is it lender specific or is there a general best practice if you will?

 

 

Message 7 of 21
Senior Contributor

Re: How Should I Let These New Cards Report?


JamesKnox wrote:
Okay so basically...I should let 1 card report at 1% UTIL and the other two report at $0 --- CORRECT?

Well, one card report between 1% and 9%, but basically yes.

 

Assuming you are preparing to apply for more credit (new card, CLI, loan, etc)

 

I don't think you want your credit reports to appear as if you have a bunch of credit cards, yet they are almost always at 0 utilization. Doesn't look right for one thing, and why should someone give you more credit (either a new card, or a CLI) when it doesn't look like you use your existing cards very much. They give you credit because they make money when you use the credit cards... there is no profit in giving more credit to those who don't use it, as they lose money due to inflation that way.

 

Its also a waste of time to be doing this all the time when there is no need to.





TU-8: 755 EX-8: 771 EQ-8: 763    EX-8 Bankcard: 815    
TU-9 Bankcard: 795 EQ-9: 822
   EX-98: 735 EQ-04: 730
Total $437,800
Message 8 of 21
Valued Contributor

Re: How Should I Let These New Cards Report?

+1 @themanwhocan

It seems like there's a little too much emphasis on the "only let 1% report" obsession. If you're going to get technical about it, like the above poster stated, it's anything UNDER 10% on ONE of your cards. But I would think it looks weird to constantly be micromanaging your report that way so that nothing ever reports anything. Grant it, if the CL on all your cards are only $300, it's probably not a good idea to make it look like you're always maxed out either.

Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 9 of 21
New Contributor

Re: How Should I Let These New Cards Report?


longtimelurker wrote:

thecentury303 wrote:

With 1-4 cards, I always let 1 card report at <10% of the card's limit and at 1-2% of the total credit line.

 

With 5-10 cards, I let 2 cards report at <10% of each card's limit and 1-2% of the total credit line.


OK, so do you find that better than 1 card reporting regardless of the number of cards?


 

The reason I did this is I don't like to have a card reports > 10% of its balance.

 

With 5+ cards, 10% of that card is < 1% of the total credit line. Thus I let 2 cards report.

 

I haven't check which one is better between let only one card reports and let two cards report though.

Capital One Cash Rewards for New Comer: $1,500 (09/12), Local Credit Union: $1,500 (10/12), Chase Freedom: $1,500 (04/13), Discover IT: $2,100 (04/13), AMEX Gold Charge Card: NPSL (06/13), AMEX BCE: $6,000 (06/13), Chase United Explorer: $6,000 (10/13), Chase Ink Cash: $3,000 (10/13), Barclays Arrival Platinum: $3,000 (10/13), US Bank Flexperk Travel Rewards: $5,000 (01/14), Capital One Venture: $5,000 (01/14), Citi AA World MC: $6,500 (01/14),Citi AA Executive World Elite MC: $5,000 (01/14)
Message 10 of 21