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Utilization ?

Senior Contributor

Re: Utilization ?

The $500 CL closes on the 24th and the $300 closes on the 4th.

 

I guess I'll go online and pay down the $300 card to $27 balance.

 

I'd really like to get a card with a decent CL to help with util and also to use during those couple of weeks when I can't use these 2 cards. (I figure about a week before pmt due date until after stmt date)

 

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 11 of 15
Moderator Emeritus

Re: Utilization ?


bichonmom wrote:

Thank you, Bunny and Marinevet.

 

I had misunderstood the util and thought it was <9% of total CL. <9% of individual CL with these LOW limits is crazy. It almost doesn't even pay to use them at all. Smiley Sad

 

So with my $300 card at over 21%, it looks like I should pay it BEFORE the stmt cuts. Should I pay part now and let it report w/$27 bal, or wd I be better off just paying the entire $65. I'm just concerned that it will look suspicious to Cap One to make a pmt and leave a $27 bal -- like I couldn't afford to pay the entire $65 (even though the statement hasn't even cut yet).

 

There seem to be so many things to consider. I've made some major mistakes with my credit and just don't want to make any more.

 

By the way, I used to have 2 lop ear bunnies years ago. They were litter box trained and ran freely around my apt. Smiley Happy

 

eta: the closing dates are the 24th and 4th (due dates 21st and 1st).

 

 


Yes the key thing to remember is that the reported balance (for most cards) is what is used to calculate utilization for the month. You can pay anytime during the month as long as that utilization is where you want it to be before the statement posts. And it doesn't have to be exactly $27 that shows as a balance. $1 would work just as well. For me it's just easier to remember the <9% recommendation.

 

Cap 1 doesn't care how you make your payments. Just make them on time every time.  Smiley Happy

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 12 of 15
Valued Contributor

Re: Utilization ?


bichonmom wrote:

The $500 CL closes on the 24th and the $300 closes on the 4th.

 

I guess I'll go online and pay down the $300 card to $27 balance. 



That's good idea!   As MarineVietvet said, you can pay down to less than $27 if you want to and you can.   This is nothing but the game ... so, have fun!    loll

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It's very tough with small income ~ The Rewards are big little helper to me.
Message 13 of 15
Senior Contributor

Re: Utilization ?

Thank you, Bunny and Marine. The things I'm learning here are so different from everything I've ever learned about credit! Smiley Surprised

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 14 of 15
Valued Contributor

Re: Utilization ?

Yes it is ... this is a life learning.   Best way to learn is from the actual ~ real ~ people, not from the text book.   Smiley Wink

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Message 15 of 15