Lowe's- CLD

[jbee]

Just got a CLD today from Lowe's.  My utilization on my cards are high, so it's not a surprise  This account was 93% utilization and now the decrease has it at 99%.  This really sucks!!!!  If I close the card, does the utilization still count toward my credit score?  I just don't want to pay down the balance and they decrease it every month which will keep me over 90%.  Please help.

[swpopham]

it will hurt your score worse because now you would have debt with no credit limit to help offset it... I never thought GE was decreesing but I guess it can happen

[jbee]

Ok, thanks....  So, I should leave it open and hope for no more decreases???

[swpopham]

thats what I would do. i would pay it down and if they chase you to 0 then its closed anyways. 

[longtimelurker]

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@jbee wrote:

Ok, thanks....  So, I should leave it open and hope for no more decreases???

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Certainly keep it open, otherwise it makes things worse.   If they decide to balance chase you, not a lot you can do, except try to pay it down as quickly as possible.  Are you paying interest or is there a 0% APR period? 

[Creditaddict]

just because it's closed doesn't mean they can't and won't CLD as you pay.

just leave it open...  even if they CLD you again, once you do get it and your other cards down in util. you can get the CL going back up again... you can't do that if you close it.

[jbee]

I'm paying interest every month (around $75).  So I'm trying to pay off credit cards and I was going to start with some other cards but this just changed things.  Do you think I should focus on this one first??  At least getting it down to where it's not considered max'ed out (around 75-80%)?

[jbee]

Ok, thanks..  I didn't even think about once you've paid them down that you can ask for an increase. 

[enharu]

Just focus on paying down your highest apr card first. There's no point worrying about your credit scores and utilization if you are constantly getting hammered by interest fees.

[gdale6]

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@enharu wrote:
Just focus on paying down your highest apr card first. There's no point worrying about your credit scores and utilization if you are constantly getting hammered by interest fees.

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+1