Credit card balances

[Anonymous]

I have four credit cards with about $60,000 in credit.  I charge about $30 or $40,000 per month for business and personal expenses.  I pay the balances in full every month but they still report high balances on my credit reports.  This hurts my scores because it looks like  my available credit is at 25%.  Also one of my cards has no limit posted on my credit report so when I charge $20,000 on it it looks maxed out.  Is there a solution other than using a debit card so my balances show 0 every month?

[Anonymous]

To prevent balances from appearing on your report, you will need to figure out when each one reports to the CRA and pay it before then. Usually they report around statement date, not due date.

As for the no limit.......I believe that when there is no limit reported, FICO substitutes "high credit" for this figure. So, if your highest balance that every reported on that card was, say $5000......then $5000 would be what FICO uses for your CL.  I believe this is only the case when the CC is reporting as revolving and not open.

I would take a read over on the CC forums. There are some smart folks over there that can help you out with the no limit reporting problem.

[Anonymous]

You need to seperate the business and personal expenses-

That way business credit is not reporting on your personal reports.

Now if your putting that kind of $ for personal expenses- Get an Amex charge card that is not calulated into utilization.

[Anonymous]

Also FICO ignores credit lines over 50K for utility calculations-

Good or bad- keep this in mind as well.