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Established Contributor
Posts: 526
Registered: ‎04-21-2010
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Re: Question for the professionals.

Thats what ill do then. Ill pay off all the other cards and let the balance report and as soon as I get the bil ill PIF and let you know how my score was affected. I have no plans to get any new credit or apply for new credit for at least 8 to 12 months so a month or 2 of score changes isnt a big deal. I used the payapl debit for along time and loved the 1 percent cash back.

Established Contributor
Posts: 526
Registered: ‎04-21-2010
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Re: Question for the professionals.

And my next credit app is going to be for a AMEX that ive wanted for my whole life so im not cracking on any new apps till then!

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Question for the professionals.

American Express loves big charges and big payments.

Senior Contributor
Posts: 3,671
Registered: ‎01-10-2008
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Re: Question for the professionals.


leah5570 wrote:

I agree, pay it off hopefully on your next statement and you'll be fine. I read on article on MSN I think about how banks are deciding which customers to cut limits on. One of the things they said is reviewing the purchase history of a person who used their credit card for entertainment purposes, and then suddenly began using it for gas or small grocery purchases. The bank sees that as a customer who possibly lost their job and must use credit to pay for necessities instead of bars, restaurants, and ticketmaster. When my husband and I first got our Navy Fed card, with a $3500 limit, we noted in the application this card would be used to pay all household expenses for the month, to be paid in full each month. Helps me make sure money isn't trickling out our checking account all month long, and we get a point for each dollar we charge temporarily for regular expenses we pay anyways each month. That way Navy Fed will never place us in a category of entertainment folks, moved to everyday purchases. We also used $1200 right off the bat, the first month, and that would pretty much be the norm. When they reported us, we only had $900 charged up. It actually increased my husbands score and mine, despite the "high" balance first time.

 

Just pay in full when you make a huge purchase and they'll show you some more love. :-)

 

When you did your down on the card, did they swipe it or did you have to use a convenience check?


Just FTR the MSN article was talking about banks not CU.  CU are not known to profile and chop in this way so not to worry as much with CU, another benefit of belonging, CUs rule!

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Established Contributor
Posts: 526
Registered: ‎04-21-2010
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Re: Question for the professionals.

*Update*  So I let the card report a balance of 2700 with a limit of 3k and had small balances on 3 cards out of about 9 cards and my score went from 674 to a 584! I PIF all the other cards and am paying 2k of the 2700 so well see next month what it goes to. The scorepower report said my Util was 37% I previously had 1% I had no idea it would drop that amout!.

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Posts: 16,542
Registered: ‎07-14-2009
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Re: Question for the professionals.

 


mross1080 wrote:

*Update*  So I let the card report a balance of 2700 with a limit of 3k and had small balances on 3 cards out of about 9 cards and my score went from 674 to a 584! I PIF all the other cards and am paying 2k of the 2700 so well see next month what it goes to. The scorepower report said my Util was 37% I previously had 1% I had no idea it would drop that amout!.


 

Yours is a great example of why low utilization is so important. People don't seem to believe that until they actually see the numbers. Utilization is 30% of your total score. FICO High Achievers (760+) have on average a utilization of 7%.

 

 

 

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

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Valued Contributor
Posts: 2,708
Registered: ‎10-16-2008
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Re: Question for the professionals.

[ Edited ]

mross1080, if you can throw $2050 at that blance (rather than just the $2k), that should put you at under 9% utilization when everything updates.  The extra fifty bucks may make a difference scorewise.

 

It'd be nice if PayPal updated your reported balance soon after you've made your payment, but I've no idea how to get them to do that.

Established Contributor
Posts: 526
Registered: ‎04-21-2010
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Re: Question for the professionals.

Thanks for the advice. I'm going to pay as much as I can afford. I should be able to pay probably at least 2100 with paying all the other cards off. Im hoping it rebounds to at least mid 6's by next month.

Member
Posts: 8
Registered: ‎08-12-2010
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Re: Question for the professionals.

Q. If the S of L haved passed on an account cc, that is, Can you have your CR show these are time barred accts, also is there any danger in having them reopened in any way? By the way state in which I applied all accts, S of L, 3 yrs. Will this improve my FICO score?, will help when I re-Fi?  Tks for your expertise

 

Valued Contributor
Posts: 2,708
Registered: ‎10-16-2008
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Re: Question for the professionals.

 


diadang wrote:

Q. If the S of L haved passed on an account cc, that is, Can you have your CR show these are time barred accts, also is there any danger in having them reopened in any way? By the way state in which I applied all accts, S of L, 3 yrs. Will this improve my FICO score?, will help when I re-Fi?  Tks for your expertise

 


 

diadang, this post would probably get more replies if posted as a new thread over in the "Rebuilding Your Credit" section of the forums. 

 

Maybe a mod will move this for you.

 

I don't think there's any "time barred account" status for credit reporting, however.  Sorry!

 

 

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