Rebuilding Your Credit

[Duncanrr]

I just pulled my daily EX report from their site and Cap1  is finally reporting (I gained 4 points from it reporting 657 to 661).  It is showing both Jun and July payments.  It isnt listed as secured.  It will probably take EQ and TU a little while to report but at least this is FINALLY starting to show up on reports.

Question: does High Balance have anything to do with credit scoring?  Im pushing as much as I can through card and then paying off.  My high balance is close to my current credit limit.  Is this a problem?

Thanks,

Duncan

[dobirdsmommy]

I would love the answer to this as well as I have never been able to find a definitive answer. 

[tylaw13]

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Duncanrr wrote:

I just pulled my daily EX report from their site and Cap1  is finally reporting (I gained 4 points from it reporting 657 to 661).  It is showing both Jun and July payments.  It isnt listed as secured.  It will probably take EQ and TU a little while to report but at least this is FINALLY starting to show up on reports.

Question: does High Balance have anything to do with credit scoring?  Im pushing as much as I can through card and then paying off.  My high balance is close to my current credit limit.  Is this a problem?

Thanks,

Duncan

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Having a high balance when the statement cuts is bad. When you max out your CC your Utilization % goes up and thats something like 30% of your score which is big. What you should do is a couple days before your statement cuts pay down the CC to 0 or below 10% of your CL. That is the optimal Utilization % for fico scoring.

[LondonMassey]

You can max it out and pay it off 100 times a month but if you let only 9% or less report, as in pay it down before the statement cuts, you will get the best boost in score. Also, it won't report as secured on your credit reports. It's a Cap1 cc and that's how it will show.

[Duncanrr]

Just so everyone is clear what I'm asking, I'm talking about high balance not ending balance. Ending balance is what is used to calculate utilization. My ending balance was zero. My high balance is use to limit as I used card almost up to limit and then PIF before statement cut.