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Been rebuilding for 1 year

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Anonymous
Not applicable

Been rebuilding for 1 year

Is it better to leave a small balance ...say under 10% on a credit card...(.I have 3 in good standing) when reporting is done by credit card company or should you be at $0?? I currently pay in full monthly...almost immediatly after usage of cards before payment is due. Does paying in full and showing a $0 balance hurt your score? Since it may look like I havent used it as possibly viewd by Bureaus....or is this wrong in my assumptions. Thanks for any input!!

Message 1 of 16
15 REPLIES 15
Brickbybrick
Regular Contributor

Re: Been rebuilding for 1 year

You say you have 3 cards? 2 at 0% and one under 10% before the statement cuts.

5/27/17 Experian: 679 Equifax: 628 TransUnion: 630
Cap1 QS:600 Credit One: 600 Merrick Bank: 550 Amex: 500 JCrew: 250
Message 2 of 16
Anonymous
Not applicable

Re: Been rebuilding for 1 year

generally I use all 3 cards and keep them all under 10% each. Never exceeding 30%

Message 3 of 16
Anonymous
Not applicable

Re: Been rebuilding for 1 year


@Anonymous wrote:

generally I use all 3 cards and keep them all under 10% each. Never exceeding 30%


You see your score boost if you have only 1 report under 10% and the others at zero.Smiley Wink

Message 4 of 16
Anonymous
Not applicable

Re: Been rebuilding for 1 year

You would think that visually showing the bureaus that you can handle multiple cards each month under 30% that they will see your creditworthy .... But is it actually to your advantage to use just one card per month? Interesting.

 

Message 5 of 16
Anonymous
Not applicable

Re: Been rebuilding for 1 year

I have Captial One platinum  .... since August 2016... cli from $200 to $500 after 5 months.

I also received Capital One Silver in March 2017 that was offered to me during a customer service call and that CL is $500

I have Credit One Unsecured received December 2016 starting CL $300 then they auto raised limit after 6 months to $500

I have a Home Depot card on its way....credit line offered was $500.... I immediatly called after online approval and requested higher limit....they raised to $1500.

Message 6 of 16
Anonymous
Not applicable

Re: Been rebuilding for 1 year

@Anonymous.

 

Your payment history will still show if you use all 3 cards but have all but 1 paid down.  A lot of this has to do with the way that FICO scores things.  While no one knows exactly how everything is determined, the ideal balance reporting is under 10% for 1 card and even for that YMMV may vary as to what is ideal for your individual profile.  It might be 9% for some, while it might be 1-2% for others. 

Message 7 of 16
Anonymous
Not applicable

Re: Been rebuilding for 1 year


@Anonymous wrote:

I have Captial One platinum  .... since August 2016... cli from $200 to $500 after 5 months.

I also received Capital One Silver in March 2017 that was offered to me during a customer service call and that CL is $500

I have Credit One Unsecured received December 2016 starting CL $300 then they auto raised limit after 6 months to $500

I have a Home Depot card on its way....credit line offered was $500.... I immediatly called after online approval and requested higher limit....they raised to $1500.


I'm not a big fan of Credit One (although they were nice enough to remove my CO).   I would keep it open at least until your Platinum turns a year old, then I would close it. Maybe by then, you'll have gotten a steps increase from Cap 1 on the Quicksilver and can let Credit One go.  No point in paying monthly service fees for a card that isn't going anywhere.

Message 8 of 16
Anonymous
Not applicable

Re: Been rebuilding for 1 year

Thank you KayKay...

Please tell me and forgive me for not knowing.... YMMV?

 

Are you saying... leave one card with a balance during reporting and showing a low utilization?

 

Message 9 of 16
Anonymous
Not applicable

Re: Been rebuilding for 1 year

I agree on the Credit One account..... however I also want to be careful of growing my age reported on revolving credit..... with that said...I agree on the issue of fees

Message 10 of 16
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