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Regular Contributor
Posts: 232
Registered: ‎06-01-2012
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Re: Question regarding utilization on new card


kroberts67 wrote:

This part confuses me but I think I've been doing it right.  I pay by the due date and then don't use it again until after statement cuts, which is a few days after the due date. The way people talk about the statement cut date is confusing to me so I kind of look at it as one & the same as long as I don't use the card until after the statement cut date (a few days after the due date).  In this case, if it's paid by the due date I'm safe?


No.  Look at this way:  on what date do they print your statement?  That would be (or shortly thereafter) your "statement cut date".  Cut Date and Print Date are typically one and the same or at the most a few days off.  Look on your online account for your last statement/invoice.  Find the date on that invoice.  *That* will usually be the date that you need to beat by 3-5 days or so with the UTIL ... Example:

 

March 1 - CCC reports your current balance to the CRs

March 1 or 2 - CCC prints your new statement/invoice and mails it, emails it, etc to you

--- The statement/invoice says "Minimum balance due by March 25"

March 25 - Due date

 

In this example you want your UTIL to be below that 10% mark by April 31 (day before).  Spend as you need during the entire billing cycle but make sure those two dates are foremost in your mind.  I believe with the last credit card act the due date will always be the same every month - a mod or more experienced could verify - and if so, that should make it easy to mark on the calendar.  Also, ring up the CCC and ask what the statement date is each month.  They'll be happy to tell you.


Starting Score 4/15/2012:579 Ex-FAKO, 572 Eq-FAKO, 546 TU-FAKO (all were sub-500 in 2011)
FICO as of 3/08/2013: 627 EQ, 647 TU
FAKO as of 3/23/2013: 638 EX, 652 EQ, 648 TU
Goal 1: 600 FICO achieved 10/2012!, Goal 2: 650 FICO Across the Board - Let's take Baby-Steps!
**Amex Optima $1.3k, GE/CareCredit $1k, CapOne Secured $900, Barclaycard Rewards $500, CapOne Rewards $500, Citi/Shell $200**
Seedling Garden Club Member - Last App: 03/18/2013 - Goal: No apps for One Year: 3/18/2014
Regular Contributor
Posts: 232
Registered: ‎06-01-2012
0

Re: Question regarding utilization on new card


missionpossible wrote:

Aw, thanks.  Problem is, that fico is from 3/13/2013.  I'm not sure that all the horrid reporting has actually hit the reports yet.  Foreclosure shows, but as of Jan.  Have to see what happens in the next few months, and like I said, I may even be filing BK in the next month, so between the foreclosure and BK, I may end up much lower, or, maybe not.  I have no idea really where I stand right now.  That is why I am trying to bounce back as quick as possible.  Now to work on my C/O's, hoping that will help a little.  Don't really owe much, that is what is sad.  Its time for me to get to work on getting all the baddies fixed that I can!


Ah yes.  Well this will certainly be a personal challenge that I am sure you'll overcome in time.  I knoiw it's been rough - I do understand.  As far as questions regarding BK theres another board on here devoted to that.  I suggest hopping over there to see if they could offer advice on that topic.  As for the COs, etc ... PFDs (Pay For Delete) and GWs (GoodWill letters) will be your friend.  Take a look at this item for details on those: http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/What-Steps-Do-I-Take-Do-I-DV-PFD/td-p/337142 - it certainly helped me out quite a bit in undersatanding all this.  It can be very confusing at first but it will soon begin to simply *click*.  Again, check out the BK forum for details too: http://ficoforums.myfico.com/t5/Bankruptcy/bd-p/bankruptcy  They may be able to offer a great more of advice for your specific situation.

 

Meanwhile, welcome to the gang and do definitely keep us posted on how things are going!


Starting Score 4/15/2012:579 Ex-FAKO, 572 Eq-FAKO, 546 TU-FAKO (all were sub-500 in 2011)
FICO as of 3/08/2013: 627 EQ, 647 TU
FAKO as of 3/23/2013: 638 EX, 652 EQ, 648 TU
Goal 1: 600 FICO achieved 10/2012!, Goal 2: 650 FICO Across the Board - Let's take Baby-Steps!
**Amex Optima $1.3k, GE/CareCredit $1k, CapOne Secured $900, Barclaycard Rewards $500, CapOne Rewards $500, Citi/Shell $200**
Seedling Garden Club Member - Last App: 03/18/2013 - Goal: No apps for One Year: 3/18/2014
Valued Member
Posts: 44
Registered: ‎03-11-2013
0

Re: Question regarding utilization on new card


ApexdvToo wrote:

missionpossible wrote:

Aw, thanks.  Problem is, that fico is from 3/13/2013.  I'm not sure that all the horrid reporting has actually hit the reports yet.  Foreclosure shows, but as of Jan.  Have to see what happens in the next few months, and like I said, I may even be filing BK in the next month, so between the foreclosure and BK, I may end up much lower, or, maybe not.  I have no idea really where I stand right now.  That is why I am trying to bounce back as quick as possible.  Now to work on my C/O's, hoping that will help a little.  Don't really owe much, that is what is sad.  Its time for me to get to work on getting all the baddies fixed that I can!


Ah yes.  Well this will certainly be a personal challenge that I am sure you'll overcome in time.  I knoiw it's been rough - I do understand.  As far as questions regarding BK theres another board on here devoted to that.  I suggest hopping over there to see if they could offer advice on that topic.  As for the COs, etc ... PFDs (Pay For Delete) and GWs (GoodWill letters) will be your friend.  Take a look at this item for details on those: http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/What-Steps-Do-I-Take-Do-I-DV-PFD/td-p/337142 - it certainly helped me out quite a bit in undersatanding all this.  It can be very confusing at first but it will soon begin to simply *click*.  Again, check out the BK forum for details too: http://ficoforums.myfico.com/t5/Bankruptcy/bd-p/bankruptcy  They may be able to offer a great more of advice for your specific situation.

 

Meanwhile, welcome to the gang and do definitely keep us posted on how things are going!


Thanks so much, you have been very helpful :heart:

Starting Score:3/1/13: 603 - Current Score:623-Goal Score:720
Cap One Secured - $200|First Premier - $300.00 |Fingerhut - $700 | Woman Within - $200 | Linen Source - $250.00 | Avenue - $300 | Firestone - $700| BarclayCard Rewards - $750.00 | Macys - $300 | Target - $200 | Bloomingdales - $300 | Kohls - 300 |Walmart 250.00
In the garden as of 10/30/13 till 8/1/14


Regular Contributor
Posts: 232
Registered: ‎06-01-2012
0

Re: Question regarding utilization on new card

[ Edited ]

That's what we're here for - to help one another! :womanhappy:


Starting Score 4/15/2012:579 Ex-FAKO, 572 Eq-FAKO, 546 TU-FAKO (all were sub-500 in 2011)
FICO as of 3/08/2013: 627 EQ, 647 TU
FAKO as of 3/23/2013: 638 EX, 652 EQ, 648 TU
Goal 1: 600 FICO achieved 10/2012!, Goal 2: 650 FICO Across the Board - Let's take Baby-Steps!
**Amex Optima $1.3k, GE/CareCredit $1k, CapOne Secured $900, Barclaycard Rewards $500, CapOne Rewards $500, Citi/Shell $200**
Seedling Garden Club Member - Last App: 03/18/2013 - Goal: No apps for One Year: 3/18/2014
Valued Member
Posts: 44
Registered: ‎03-11-2013
0

Re: Question regarding utilization on new card


ApexdvToo wrote:

That's what we're here for! :womanhappy:


There is only one bad thing about this forum.  It is far more addicting than Facebook was. I am addicted to it.  Although the time I spend here is actually quality time, whereas FB, not so much :smileyvery-happy:

Starting Score:3/1/13: 603 - Current Score:623-Goal Score:720
Cap One Secured - $200|First Premier - $300.00 |Fingerhut - $700 | Woman Within - $200 | Linen Source - $250.00 | Avenue - $300 | Firestone - $700| BarclayCard Rewards - $750.00 | Macys - $300 | Target - $200 | Bloomingdales - $300 | Kohls - 300 |Walmart 250.00
In the garden as of 10/30/13 till 8/1/14


Regular Contributor
Posts: 232
Registered: ‎06-01-2012
0

Re: Question regarding utilization on new card

I was *just* telling someone that today!  Too Funny!!!  Glad I'm not the only one :smileywink:


Starting Score 4/15/2012:579 Ex-FAKO, 572 Eq-FAKO, 546 TU-FAKO (all were sub-500 in 2011)
FICO as of 3/08/2013: 627 EQ, 647 TU
FAKO as of 3/23/2013: 638 EX, 652 EQ, 648 TU
Goal 1: 600 FICO achieved 10/2012!, Goal 2: 650 FICO Across the Board - Let's take Baby-Steps!
**Amex Optima $1.3k, GE/CareCredit $1k, CapOne Secured $900, Barclaycard Rewards $500, CapOne Rewards $500, Citi/Shell $200**
Seedling Garden Club Member - Last App: 03/18/2013 - Goal: No apps for One Year: 3/18/2014
Established Contributor
Posts: 505
Registered: ‎11-05-2012
0

Re: Question regarding utilization on new card

No rules is 3-9% util. 1-9% util to help you max your scores plus responsible to another lender when they pull your credit. You can pay 100 times.Don't let it report too high util on your CR because it will drop your scores down.
10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Senior Contributor
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Question regarding utilization on new card

^5, here you learn something everyday!!! Welcome to the forums!!!

Senior Contributor
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Question regarding utilization on new card

There is no rule. 1-9% util is the avrg. each person needs to change it per month to see where there sweet spot is at. 

Valued Member
Posts: 44
Registered: ‎03-11-2013
0

Re: Question regarding utilization on new card


DaBears wrote:

^5, here you learn something everyday!!! Welcome to the forums!!!


Thanks!  I am assuming since your name is DaBears, you are in Chicago or Burbs.  Me too.  Go Bears! I love this forum, wish I would have found it 4 years ago!

Starting Score:3/1/13: 603 - Current Score:623-Goal Score:720
Cap One Secured - $200|First Premier - $300.00 |Fingerhut - $700 | Woman Within - $200 | Linen Source - $250.00 | Avenue - $300 | Firestone - $700| BarclayCard Rewards - $750.00 | Macys - $300 | Target - $200 | Bloomingdales - $300 | Kohls - 300 |Walmart 250.00
In the garden as of 10/30/13 till 8/1/14


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