No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Timothy I know you are keen on this topic however, answer this one. Im not sure how you can use the crap out of your cc , just curious and frustrated use the hell out of their cards…and you are not suffering and they are with their credit scores.
Do you have an unlimited credit line as well as a a cc with an established limit.
Another unclear thing you said is about the creditor reporting correctly.
So they have an option to report incorrectly?…what are they….tell me both of them how should they report…and then what they may report
I do not have a cc that is unlimited.
Furthermore: I need a clear example....not just info
and no this is not a set up....lol
Do you have an unlimited credit line as well as a a cc with an established limit.
Yes- I have both
I use 3 of my 8 open cards every month
I have my: phone, cable, cell, electric, water, car insurance all being charged to a high limit card- UTL never goes above 20%
All other daily expenses go on another card or 2 depending on that months $ of expenses - if UTL on a card will report above 20% I pay down the balance that will report.
So the mortgage and 1 auto loan get paid out of checking and the 2 to 3 cards get PIF and get rotated-
So I have 4 bills-
Another unclear thing you said is about the creditor reporting correctly.
an open line like AMEX Green (no limit, must be PIF every month) gets reported correctly as an open account -
BOA has a "Signiture" (I do not have) product that also does not have an established credit line - however is reported as a revolving line and is calculated in UTL- beacaue of the CL not being reported - FICO uses the HIGH BALANCE in place of the cl.
Capital One was FAMOUS for years for not reporting CL's- (started to in Sept 07) So if you had a 10,000 CL and you High balance was 1,000 and you put 600 on the card every month you were reported at 60% UTl - when in reality you were 6%.
So they have an option to report incorrectly?…what are they….tell me both of them how should they report…and then what they may report
Yes- the creditor has option on how to report it- Other, revolving, installment, mortage, LOC, student loan, (I list them all)
And if all else fails- My HELOC 50K does not calulate in scoring 1 point.
So in a given month I may have a card report up to 19% UTL but keep my over all UTL at about 5% or less.
If I need to max out my score- I only let 1 card report at 5% UTL by paying before the statement.
@fused wrote:
@smallfry wrote:
I think credit cards with a limit of 40K are still counted in the utilization. Mine is.It depends on the CRA and which FICO scoring version a potential lender is using. FICO scores yanked by some banks, lenders, CUs and CCCs are not necessarily the same as the ones we yank here.