CC Utilization rounded?

[Anonymous]

Does anyone know if there’s any rounding done when calculating credit card utilization? I bit the bullet and paid down our last card. Would a $240 reported balance be safe with a $2500 credit limit (9.6%)? Also, how long after the due date does it usually take the credit card companies to report and the score to reflect the update?

[haulingthescoreup]

Your util gets rounded up to the next whole decimal. So this will be figured at 10%. Not the end of the world; just keep getting it lower.

Almost all CCC's update your balances on your statement date, reporting the balance that is on your statement. Generally Experian updates that night or the next day; EQ and TU take turns piddling around, but usually get it updated within the week after your statement date. "Statement date" = the date that your statement posts, the date that is typed on the written statement, NOT the due date.

AmEx reports the amount on your statement, but they don't report it until four weeks later. So if you had a balance of $100 on your statement of April 12, it won't be reported until May 10, displaying until June 9 or 10, which is deeply annoying. HSBC/ Orchard bank cards, and apparently US Bank, update on the last business day of each month, reporting your balance as of that date. And HSBC/ Orchard take frequent vacations, not bothering to update at all for an entire month. Some small banks and CU's have odd updating patterns as well. And finally, some store cards (those without Visa/ MC/ etc) update a balance due, and then they forget to update that you've paid them off.

[Anonymous]

I can confirm the US Bank portion, as I have a card issued by Comerica Bank in Detroit (the Detroit Tigers field is named Comerica Park, as many of you know).   This bank is associated with US Bank and definitely does not report until the end of the month.  My statement date closes between the 25th and 28th of the month and sometimes it does not report until the first week of the following month.

[Anonymous]

The card in question is through Citi. The due date is today, and the next statement date is May 4th. I went ahead and reduced the balance to $220 to be safe (8.8%). That said I should probably expect a change around the end of next week.

I’m  going from 12% overall utilization with 40% on the high card to 3% over utilization with 9% on the high card. Should I expect much of a score impact?

[medicgrrl]

I had Orchard all set for a payoff on May 1st.....I just changed it to tomorrow LOL

[brother7]

My card has a balance of 10.25, limit=5000.

The mathematically exact utilization is 10.25/5000 = 0.205%.  Does this get reported as 0% or 1% utilization?

Assuming I want 1% utilization, if CRAs round like I was taught in school, then I should have at least a 25 balance, making the mathematically exact utilization 25/5000 = 0.5%, which gets rounded up to 1%. 

[smallfry]

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@brother7 wrote:

My card has a balance of 10.25, limit=5000.

The mathematically exact utilization is 10.25/5000 = 0.205%.  Does this get reported as 0% or 1% utilization?

Assuming I want 1% utilization, if CRAs round like I was taught in school, then I should have at least a 25 balance, making the mathematically exact utilization 25/5000 = 0.5%, which gets rounded up to 1%. 

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Anything over 0 should be reported at 1%.

[brother7]

Is it true for all utilizations, that they get rounded upwards to the next whole number?

For example, 4.xx% will always get rounded up to 5% as long as xx is not equal to 00? 

[smallfry]

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@brother7 wrote:

Is it true for all utilizations, that they get rounded upwards to the next whole number?

For example, 4.xx% will always get rounded up to 5% as long as xx is not equal to 00? 

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Until the other day I would have said most definitely yes but on a Score Power EQ I pulled the other day I see 1% utilization but my revolving balances were actually about 1.3%.

[Anonymous]

On my reports and DW's MyFico reports, when utilization was mentioned as either a positive or negative factor, the number quoted in the adjacent data box was always rounded down. For example, if the exact percentage was 12.43%, it was quoted as 12%. If the exact percentage was 11.79%, it was quoted as 11% ...