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Utilization of Capitol One

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Sherinvolvogold
Established Member

Utilization of Capitol One

Question 1 Should I pay off remaining balance?

Question 2 What should be be my utilization of this credit card?

Question 3 How would this affect  my credit score?

 

Info below

 

Capitol One Platnuim Master Card

Credit Limit  2,000

Used 556.38 in first month of card (June)

Payed  two payments the following month for 60.00 (balance 496.38 ) and 100.00  (new balance 396.38) before payment  due date or first billing cycle.

 

 

 

 

Message 1 of 6
5 REPLIES 5
09Lexie
Moderator Emerita

Re: Utilization of Capitol One

Welcome to the forum!

Is the Cap 1 under a 0% promo?
Are you seeking new credit?
Message 2 of 6
Odiseous
Frequent Contributor

Re: Utilization of Capitol One


@Sherinvolvogold wrote:

Question 1 Should I pay off remaining balance?

Question 2 What should be be my utilization of this credit card?

Question 3 How would this affect  my credit score?

 

Info below

 

Capitol One Platnuim Master Card

Credit Limit  2,000

Used 556.38 in first month of card (June)

Payed  two payments the following month for 60.00 (balance 496.38 ) and 100.00  (new balance 396.38) before payment  due date or first billing cycle.

 

 

 

 


This puts you right around 20% UTL for this card. While that's not bad, it's not ideal. For ideal FICO scoring, the reported balance should be between 1 & 9 %.

 

The version of this card offered to the general public as 0% APR. As long as you are in the 0% APR time frame, it's not a big deal, unless you are seeking new credit. 

 

Is this your only credit card? 

 

TU98 751, EQ 766, EX 766 (Lender)

If at first you don't succeed; Garden for 6 months, then try again.

Work the system. Don't let the system work you.
Message 3 of 6
GatorGuy
Valued Contributor

Re: Utilization of Capitol One

Disclaimer: This is VERY YMMV.

 

I had my Capital One card for years and couldn't get a CLI despite trying numerous tactics such as barely using it and putting significant charges on it and PIF. What finally got me an increase was HEAVY usage. I'm talking about between 20% and 50%. I was still paying in full but this gave me plenty of ammunition when I talked to the EO and made them aware that they could be losing a lot of business if I didn't get what I want. They gave me a $5k increase and then 6 months later I got another $5k increase with the online request.

 

I say that this is YMMV because util over 9% is obviously not ideal and will typically lower your score some.

Message 4 of 6
Sherinvolvogold
Established Member

Re: Utilization of Capitol One

Yes I was seeking new credit. This is my second credit card besides Victoria Secret with a credit limit of 250. I havent used yet. I am in the process of rebuilding my credit since paying off all debt and remaning collections. Ultimate goal is qualifying for a mortgage.

Message 5 of 6
Sherinvolvogold
Established Member

Re: Utilization of Capitol One

Yes this is my only credit card

Message 6 of 6
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