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The truth is, nobody knows. I doubt anyone has data on the impact of going from 95% to 90%.
Think about it. The closer you get to 100% the more nervous the lender will get. Look at the graph on this page: http://www.barclaycardring.com/t5/Barclaycard-Ring-Public-Blog/A-Case-Study-of-a-Credit-Line-Increas... . The likelihood of a credit limit decrease increases with rising utilization up to a certain point beyond which there is simple too little space left for the limit to be reduced by. On the other hand, reaching 100% is not the end of the world; with a Visa Signature you can charge over the limit without causing trouble.
If you honestly do not have the money the pay down the balance significantly I would maintain the current balance so that your bank will not award you with a credit limit decrease, while saving money to pay the balance later. Once you have accumulated $3k or so, pay it all at once to bring the risk down.
Just stopping to comment on your Target Card limit - you have awesome limits up to $15,000 in your signature line, but $200 on Target - it looks like they give everyone a hard time, I haven't been able to get them to raise my limit either
Not sure if this really helps or not, but when speaking to the Chase Lending Department last night on the phone, the woman told me that when making a balance transfer they would only be able to move monies that equaled no more than 95% of the cards total available credit limit.
I know you're not looking for a balance transfer, but I thought maybe the 95% balance may be relevant. That may be a number that would prevent adverse action depending on the lender and of course how long one carried a balance that high. But as far as score increases I'm sure the other posters info is more accurate.
@HiLine wrote:The truth is, nobody knows. I doubt anyone has data on the impact of going from 95% to 90%.
Think about it. The closer you get to 100% the more nervous the lender will get. Look at the graph on this page: http://www.barclaycardring.com/t5/Barclaycard-Ring-Public-Blog/A-Case-Study-of-a-Credit-Line-Increas... . The likelihood of a credit limit decrease increases with rising utilization up to a certain point beyond which there is simple too little space left for the limit to be reduced by. On the other hand, reaching 100% is not the end of the world; with a Visa Signature you can charge over the limit without causing trouble.
If you honestly do not have the money the pay down the balance significantly I would maintain the current balance so that your bank will not award you with a credit limit decrease, while saving money to pay the balance later. Once you have accumulated $3k or so, pay it all at once to bring the risk down.
I would agree with you on this if the OP had multiple CLs all maxed out. I don't think the OP has to worry right now about adverse action from a lender too much. If they make their $450 payment they should be fine.
@KennyS2006 wrote:
Goodness gracious! This is from last year!
Can't believe I didn't see that before I posted.
Yeah, I do that sometimes... I think we need a moldy oldie alert
@sailor_mercury wrote:
@KennyS2006 wrote:
Goodness gracious! This is from last year!
Can't believe I didn't see that before I posted.Yeah, I do that sometimes... I think we need a moldy oldie alert
Good gravy, now I feel like a doofus. It was showing at the top so I didn't even think about the possibility of it being an old revived thread.
@Creditaddict wrote:
@NewtoCredit80 wrote:OP, Anything above 70% of the credit limit looks like a mxed out credit cards. Your scores would rise once your utilization is below 30% and for best scores your util should be between 1-9%.
I was leaning more towards the 70-75% that Fico actually considers an account maxed and yes while others have posted 30,9, etc.... you will see score increases along the way as you pass each percentage that is considered... need to find that graph around here somewhere... If you can do $450 next month, then that's a great start... keep throwing what you can and it will start to help your score each month little by little... the account will also age more and depending on credit profile, maybe you could add another card... many things to get your score to continue to rise as you work on this 1 debt... hopefully it's the only maxed out card you have.
Old but was the graph posted somewhere