Reply
Contributor
Poorboi
Posts: 86
Registered: ‎06-02-2012
0

Utilization help?

I have a $300 secured card, I pay in full before statement date or leave a balance of less than $20, and pay in full by due date. Why is it showing on my credit report $259 dollars spent during the past month

Established Member
Joel282
Posts: 30
Registered: ‎10-30-2012
0

Re: Utilization help?

Thats most likely what your balance was when the card repoted to the credit bureaus.

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Utilization help?

Cards do not necessarily report their statement balance.

 

Some underwriters for the company may be knowledgeable on the topic and be able to tell you when their bank reports.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
0

Re: Utilization help?


Poorboi wrote:

I have a $300 secured card, I pay in full before statement date or leave a balance of less than $20, and pay in full by due date. Why is it showing on my credit report $259 dollars spent during the past month


Every CCC is diff but after a few months you can find out when and what the report 

ccpics2.jpg
Contributor
Poorboi
Posts: 86
Registered: ‎06-02-2012
0

Re: Utilization help?

I called and asked when do they report,and I pay it in full prior to that day, but for some reason it still shows the largest past amount . If I spend $10 a day and paid it off the next day, it will show on my credit report I used $300 of my balance. Why?

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Utilization help?

[ Edited ]

didn't you just make another topic about the samething? anyways card companies are not obligated to send your data at the statement due date. reporting mid month is their right there's nothing that states they can not. Although they should but people who write the laws have a riduclously high credit limit and poor people with bad credit don't vote so this is what happens.

 

 

Bank of America
Barclays
Capital One
Discover
Elan
GEMB
HSBC
UMB 

 

all report mid month just from ones that are documented so careful. Remember banks like people with lower scores with good histories, this gives them excuses to give subprime loans based off your lowered credit score with a hit on utility. If you want help with utility ratios try to find a friend or family who will add you as an authorized user on their card, if you get that you'll NEVER have to worry about utilty til your in your prime =) (I went from $2,500 max to $50,000 avaliable credit) in about a year from subprime (even bank of america declined me for a SECURED CARD)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Contributor
Poorboi
Posts: 86
Registered: ‎06-02-2012
0

Re: Utilization help?

I'm just trying to see a score increase. It's going on three months with these secured cards and nothing has changed acrossed the boards

Contributor
firstladyd
Posts: 143
Registered: ‎05-23-2011
0

Re: Utilization help?

If your secured card is reporting your balance at $200+ a month you are getting killed on your uti . I would simply only charge maybe $30 on $300 limit pif and then do it again over & over every month. But never a penny over 10% of cl. Same thing happened to me and had crap 1 card for a year couldnt get approved anywhere with no baddies. Started only charging 10%, pif and repeat. Within 3 months score was up and preapprovals in the mail. 


Starting Score: 585
Current Score: TU 734 Walmart EQ 704 FICO EX 721
Goal Score: 750 Across the board


Take the FICO Fitness Challenge

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Utilization help?

doesn't really matter what your utility is as long as you keep it low prior to applying for something, so if you plan on applying for stuff within 6 months no reason to keep the utility down til your a month away from apping imo


firstladyd wrote:

If your secured card is reporting your balance at $200+ a month you are getting killed on your uti . I would simply only charge maybe $30 on $300 limit pif and then do it again over & over every month. But never a penny over 10% of cl. Same thing happened to me and had crap 1 card for a year couldnt get approved anywhere with no baddies. Started only charging 10%, pif and repeat. Within 3 months score was up and preapprovals in the mail. 


 


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758

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+
}