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Utilization Is Jumping Up This Month!

Valued Contributor

Utilization Is Jumping Up This Month!

Between Christmas shopping and the special offer that Target had ($10. gift card when you spend $50.), my cards are getting some heavy use this month!  I'll keep track of it but I'm not going to worry about it.  I'll move funds around and have a plan to pay them down when the new statements arrive in January. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748
Message 1 of 6
5 REPLIES
Moderator Emerita

Re: Utilization Is Jumping Up This Month!

My util will be almost 70% on one card but I have managed to PIF2 of my store cards and the util on the other 2 will be 1% after all the CLI's and balances update this month.  In January, I will pay down the high util card (too late for Dec it was the one card with an early cut-off) to its normal 2%.  

 

I have a plan - kinda upset about that one card but it couldn't be helped. Smiley Sad

Message 2 of 6
Valued Contributor

Re: Utilization Is Jumping Up This Month!

what's your current util? 

 

a few extra bucks is nothing to worry about. 

as long as you have the funds too pay it off . 

 

unless your 65%+ total i wouldnt think twice about it 

util only really matters when your applying for new credit and you want too squeeze those extra points out. 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Message 3 of 6
Regular Contributor

Re: Utilization Is Jumping Up This Month!

Same here Smiley Sad I've already seen my first 5 point drop on EQ for the first balance reporting. Keeping it in perspective - a year ago at this time my utilitzation was at 34% with 3 of my 4 major CCs almost maxed out. I was in the middle of a 3 year debt payoff. I have since paid off everything except 1 card which I was able to BT to a 0% card at my CU.

 

As long as I don't pay any interest and don't max out my cards, I'm considering it a good holiday. Smiley Happy

Message 4 of 6
Established Contributor

Re: Utilization Is Jumping Up This Month!

Yep, mine will be jumping, too.  I had to make a large purchase on my CSP to meet the spend requirement (yes, it was planned), but the statement will cut and report before I get it paid.  Oh well, it should return to normal when everything updates/reports in January.  I'm not stressing about it, as I'm in a much better place financially than I was at this time last year.


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Message 5 of 6
Highlighted
Valued Contributor

Re: Utilization Is Jumping Up This Month!

I haven't run the numbers but I'd say my utilization probably jumped up by about 25%. I only had credit lines totaling $1800. the end of last year and now I'm up to $9350. the end of this year. A nice jump in a year. I'll pay those cards down in the next few months and be back to my normal 10-15%. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748
Message 6 of 6