Paid in full nfcu CC maxout?

[Mistiko]

Hi guys, last month i was approved in the nfcu go rewards cc for $24k, and is already maxout. Do i have to paid in full before the statement close so the credit report doesnt appear util. and boost my score? or pay only the 80% and wait until the statement report see some utilization. i want in the 3rd statement make a cli. or maybe get a 2nd card.

Thanks in advance for the help.

I want to boost my score very fast and approve the cli to the maximum limit.

Need recommendations..Thanks!!

[Appleman]

Be careful!

I would pay it down to less than 9% prior to the statement cutting and pay off fully once the statement cuts.

Are you putting $24,000 a month on credit cards?

[Mistiko]

thanks. so have to be only in 9% before statement close? and then as soon receive the statement paid in full.
yes. right now the cc is almost max out only in one month. need cli.

[RobertEG]

Maxing out a new CC in the first month is, in my opinion, more likely to be viewed by the creditor as an indicator of potential increased risk than as a basis for granting increased credit limit.

It indicates that the consumer is potentially living off of credit, and thus may be at increased risk of overreaching, and becoming delinquent.

I would keep usage below 50% for at least a year or so if seeking a CLI.

[Mistiko]

hi robert, thanks, i will use other cc's and not reach to the limit. i like that one for the points. Thanks for all the help and recommendation.

Hope in the 3rd statement consider and increase the limit.

[Mistiko]

whats the best utilization rate i need to raise the score fast or to have the posibility to get a cli much easier?

[Bcunniff9]

You aren't getting a CLI after maxing the card out in 1 month. Pay it off and keep the utilization low as RobertEG said. Forget about the CLI and applying for more cards.

[Anonymous]

Robert - Does that rule also apply to BT's or are they more lenient with those? (I mean say you transferred balances equivalent to 90% of your CL within the first month of being given that limit.)

[SouthJamaica]

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@Mistiko wrote:
Hi guys, last month i was approved in the nfcu go rewards cc for $24k, and is already maxout. Do i have to paid in full before the statement close so the credit report doesnt appear util. and boost my score?

yes of course, but if you pay it down to 10% or so you're fine

or pay only the 80% and wait until the statement report see some utilization.

no. way. that would damage your score severely.

i want in the 3rd statement make a cli. or maybe get a 2nd card.

Thanks in advance for the help.

I want to boost my score very fast and approve the cli to the maximum limit.

Need recommendations..Thanks!!

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[Anonymous]

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@Anonymous wrote:
Robert - Does that rule also apply to BT's or are they more lenient with those? (I mean say you transferred balances equivalent to 90% of your CL within the first month of being given that limit.)

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NFCU could care less if you use up your credit line for purchases and or BT's.

I personally would not max out any card for scoring purposes and possible AA from other creditors being spooked of rapid escalating debt.

NFCU just wants their money and payments on time.

I recently did a no hassle check for $17,790.00 from my Venture for 18 months at zero percent. I let it report, took a score hit. No AA. Paid it down to $7,790.00 let it report got all my points back plus some. Just paid it down to $5k. Will pay $500 a month for 10 months and it will be paid 6 months early.

I'm leaving the balance on there purposely for scoring purposes as I keep no balances on any other of my revolving credit products. 

Don't worry about NFCU, just pay far more than your minimum due and on time.