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Posts: 86
Registered: ‎06-02-2012
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What is largest past balance?

What is largest past balance and why is it showing on Mary credit report for my cc on myfico trans and not under myfico exquifax? It's killing my utilization!!

Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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Re: What is largest past balance?

is this a current bal or a bal from a CO?

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Contributor
Posts: 86
Registered: ‎06-02-2012
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Re: What is largest past balance?

It's showing on my trans report, it's for my three secured credit cards, I pay in full by statement date. Why do it show all the times I used it combined

Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
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Re: What is largest past balance?


Poorboi wrote:

It's showing on my trans report, it's for my three secured credit cards, I pay in full by statement date. Why do it show all the times I used it combined


Not all companies report statement balances at the due date, many companies like to do it mid month or on random

 

Bank of America
Barclays
Capital One
Discover
Elan
GEMB
HSBC
UMB 

 

All report mid month so don't assume your statement balance will report, this is why I send multiple payments a month, although that won't matter too much now since NavChek and NFCU with over $30,000 in limits =)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Senior Contributor
Posts: 3,065
Registered: ‎11-02-2009
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Re: What is largest past balance?


distantarray wrote:

Poorboi wrote:

It's showing on my trans report, it's for my three secured credit cards, I pay in full by statement date. Why do it show all the times I used it combined


Not all companies report statement balances at the due date, many companies like to do it mid month or on random

 

Bank of America
Barclays
Capital One
Discover
Elan
GEMB
HSBC
UMB 

 

All report mid month so don't assume your statement balance will report, this is why I send multiple payments a month, although that won't matter too much now since NavChek and NFCU with over $30,000 in limits =)


Capital One always reported statement balance for me.  It's been a while since I've had Discover or BofA, but I thought they did the same.

OP, are you talking about the "High Balance" field?  That is not used for utilization purposes.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
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Re: What is largest past balance?


Walt_K wrote:

distantarray wrote:

Poorboi wrote:

It's showing on my trans report, it's for my three secured credit cards, I pay in full by statement date. Why do it show all the times I used it combined


Not all companies report statement balances at the due date, many companies like to do it mid month or on random

 

Bank of America
Barclays
Capital One
Discover
Elan
GEMB
HSBC
UMB 

 

All report mid month so don't assume your statement balance will report, this is why I send multiple payments a month, although that won't matter too much now since NavChek and NFCU with over $30,000 in limits =)


Capital One always reported statement balance for me.  It's been a while since I've had Discover or BofA, but I thought they did the same.

OP, are you talking about the "High Balance" field?  That is not used for utilization purposes.


lol good catch, but Capital one depending on product is different it's weird, but anyways misread the post, but highest past balance should not factor into your utilization. Highest past balance was nessasary because in the past many companies did not report credit limits, so the credit companies used the highest amount used to determine your credit limits. Although this was bad because if you never spent past $500 on a $1,000 limit card you would never get anything fixed and if you only used $200 you would look like your using 40% of your limit.

 

Highest balance reported has nothing to do with your score or it shouldn't anyways. Although I have to say in my subprime days last year for this purpose I maxed out each of my cards for 1 whole month then paid it all back the next month and got around a 10 point Fico increase each month I did that, ymmv.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Contributor
Posts: 86
Registered: ‎06-02-2012
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Re: What is largest past balance?

I'm totally lost now. It  looks like I've left a balance of $259 on a $300 card. for example. I can spend $10 today and pay the ten in full tomorrow,, if I do This everyday it will show I used $300 of my $300 in thirty days. I don't get it. I'm just not going to use em anymore

Contributor
Posts: 86
Registered: ‎06-02-2012
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Re: What is largest past balance?

Wish I knew this a few months ago. Thanks

Senior Contributor
Posts: 3,065
Registered: ‎11-02-2009
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Re: What is largest past balance?

[ Edited ]

What does it say in the "Balance" field on your CR?  Not the "High Balance" field.

 

What was the balance on your last bill?

 

ETA:  When you say you pay in full by the statement date, do you mean you pay in full before your bill is generated, or do you mean you pay in full by the due date.  For most cards, which report the statement balance, if you are trying to get it to report $0, you need to pay in full so that the payment posts before the date your bill is generated.  The easiest way to look at it is whatever number is on your bill, that is what is getting reported.  Of course, as mentioned, there are some cards that report at a different time.  But I want to make sure we are speaking in the same terms when talking about statement dates and when you make payments. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Contributor
Posts: 86
Registered: ‎06-02-2012
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Re: What is largest past balance?

$6.    but to someone looking to give me a loan they can see I used over 70% of my available credit, even though I paid it in full 

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