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02-21-2014 02:18 AM - edited 02-21-2014 02:33 AM
I have a number of new (less than 3 months old) accounts. I ran the overall UTIL up to about 30%. The short term plan was paying it all down to less than 10% in March. That is not going to happen. I had a ton of offers from Chase Slate so I applied and was approved for $3k, I was hoping for more in the neighborhood of $7k but I might be able to recon that or transfer some available credit from the Chase Amazon account. I have a long standing banking relationship with Chase, I'm new to their CCs.
When I BT to Chase Slate and it reports as being 'maxed out' is that going to do something horrible to my credit report or score? I will have about $4k on NFCU that I would like to move to 0%. I can certainly move less and pay a little more in interest if having one maxed out trade line is going to do something horrible to my score. Mostly I am worried about CLD or Balance Chasing on my AMEX accounts. I don't think NFCU will care, if Commenity closes my account I'm perfectly fine with that and Chase gave me the new TL so they are ok with what I currently have.
I requested the 3X CLI from AMEX on the Delta card last week and was denied. They listed the reason as my FICO score (653 as of 1/25) they pulled Experian. I do have score watch here at MyFICO and my Equifax is reporting at 691. I admit, with a bunch of new accounts, inqs and 30% UTIL I would deny me too! I didn't even bother with a CLI request on the AMEX Costco card. After UTIL is down to 3% or less I will request CLIs, but I may need to just let all the new TLs age too.
Once I'm down to two 0% TLs AMEX will be my main target since the APR expries in July and of all the cards I hold AMEX is the one that I worry about the relationship with. I want them to be nice to me with CLIs and maybe other products in the future
|Card||Date Opened||Credit Limit||APR||Current Balance||March Payment||Bal after Paydown||Notes|
|AMEX Delta Gold||12/9/2013||1,500.00||19.24%||210.00||210.00||-|
|AMEX Costco||12/9/2013||5,000.00||0.00%||2,541.17||541.17||2,000.00||0% until July 2014|
|NFCU nRewards||2/9/2013||500.00||17.49%||-||-||-||Daily use card, always PIF before balance cuts|
|Chase Amazon VISA||12/10/2013||3,000.00||22.24%||763.36||763.36||-|
|Chase SWA VISA||1/6/2014||5,000.00||15.24%||2,167.40||2,167.40||-|
|NEW!! Chase SLATE||2/19/2014||3,000.00||0.00%||-||-||-||0% until May 2015|
|GECRB - CareCredit||6/25/2013||1,200.00||25.99%|
|GECRB - Sleeptrain||5/27/2013||1,500.00||29.99%|
02-21-2014 02:56 AM - edited 02-21-2014 02:59 AM
Hard to tell on your profile. I was curious myself and let Discover (when limit was 2,5K) report with 90% util...tried to report with 99% but due slow transaction processing that goal not reached. But the 90% did not impact my score at all but I have to say due to the other cards limits my overal util was only 3%. Still had a score close to 800 when I did this test. For my profile the only thing that really impacts is the number of accounts reporting a balance but as we have seen on this forum it depends on the bucket you are in. I did not believe it so I paid down the 90% and the score did not really change with same overall util. This is with a grain of salt as tested with my own profile only. (only revolving accounts) So others might chime in.
edit: test was mainly for EQ Fico - TU from Discover / Barclays I do not get on a daily basis but it was still 776 with 90% util when I did the test
02-21-2014 06:10 AM
You'll see a temporary scoring ding but that's about it and scores will rebound as UTL is lowered
In Fico eyes you will be dinged once for high UTL on the card and then again for being maxed out
02-21-2014 12:55 PM - edited 02-21-2014 12:56 PM
What will happen with one TL 'maxed out'?
How long matters as well. Short term high utilization isn't a problem but prolonged high utilization can lead to AA. Can't give you specific timeframes but I've had a card balance chased for that.