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Valued Contributor
Swapmeet
Posts: 1,427
Registered: ‎11-10-2012
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Re: Okay thanks, most of them are reporting zero balances like...


anthill927 wrote:

Okay I have a total credit of 20,651 and out of that I have used 4800. Or that's what I have to pay off left. Should I leave it like that?  I still want to ask for CLI.


Well, roughly speaking, that is 23-24% util. So if you want to be <10%, then you should not leave it like that. I have also read around here that it is best to have zero balances on all cards except one, which you keep <10%. I will begin testing this formula in Dec.

 



My Wallet: WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k||
Discover it: ||6.5k|| SG Visa: ||11k|| USAA World MC: ||23k|| US Bank Cash+ Siggy: ||5k|| Citi TYP World MC: ||10.5k||
Barlays Arrival World MC: ||10k||
Fico Scores: EQ 760 (SW),TU 757 (Walmart), EX 738 (myfico) Last app: USAA CLI (both cards) 8-15-14
Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007
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Re: Okay thanks, most of them are reporting zero balances lik...

People are confusing you with small "truths" that keep getting modified until they have lost their original meaning.

 

You are best to have paid all of your statement balances in full before the due date. There is no reason to ever pay interest to improve your score.

 

HOWEVER, if you pay all your cards to zero and you have no new charges, you may end up with all you accounts showing a zero balance. In that case, some people will see a slight score drop. If you are trying to get every last single point temporarily, then you might get your best score at 1% total utilization or at a slightly higher number. Most people find that this exact number is below 10% utilization and utilization gets rounded up. Therefore, 9.001% utilization will show as 10%. THAT is where the 9% number comes from. It is NOT the best utilization possible, it is only that most people will find their best score UNDER 9% utilization. None of that matters unless you are spending a bunch of time trying to tweak every last single point out of your score temporarily.

 

As long as you continue to PIF your statement balance by the due date and continue to use some of your cards, you will be fine.

 

Established Member
anthill927
Posts: 48
Registered: ‎11-20-2012
0

Re: How long before score is updated

Okay thanks, so what you are saying is use some of them and pay them off? Because I was just going to pay them all off and let them sit there because I don't need them anymore. They have reoccurring things on them like Netflix and hulu
I want to be in the 700s again!
Valued Contributor
Swapmeet
Posts: 1,427
Registered: ‎11-10-2012
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Re: Okay thanks, most of them are reporting zero balances like...


GregB wrote:

People are confusing you with small "truths" that keep getting modified until they have lost their original meaning.

 

You are best to have paid all of your statement balances in full before the due date. There is no reason to ever pay interest to improve your score.

 

HOWEVER, if you pay all your cards to zero and you have no new charges, you may end up with all you accounts showing a zero balance. In that case, some people will see a slight score drop. If you are trying to get every last single point temporarily, then you might get your best score at 1% total utilization or at a slightly higher number. Most people find that this exact number is below 10% utilization and utilization gets rounded up. Therefore, 9.001% utilization will show as 10%. THAT is where the 9% number comes from. It is NOT the best utilization possible, it is only that most people will find their best score UNDER 9% utilization. None of that matters unless you are spending a bunch of time trying to tweak every last single point out of your score temporarily.

 

As long as you continue to PIF your statement balance by the due date and continue to use some of your cards, you will be fine.

 


It seems prudent, to me then, to keep a small balance on one card whenever possible --  not to try "to get every last single point temporarily", but to create a foundation such that when one does something that yields a point increase, it increases from the foundation that was set by keeping the small balance. My $.02.

 



My Wallet: WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k||
Discover it: ||6.5k|| SG Visa: ||11k|| USAA World MC: ||23k|| US Bank Cash+ Siggy: ||5k|| Citi TYP World MC: ||10.5k||
Barlays Arrival World MC: ||10k||
Fico Scores: EQ 760 (SW),TU 757 (Walmart), EX 738 (myfico) Last app: USAA CLI (both cards) 8-15-14
Established Contributor
bahbahd
Posts: 729
Registered: ‎08-12-2011
0

Re: Okay thanks, most of them are reporting zero balances lik...


GregB wrote:

People are confusing you with small "truths" that keep getting modified until they have lost their original meaning.

 

You are best to have paid all of your statement balances in full before the due date. There is no reason to ever pay interest to improve your score.

 

HOWEVER, if you pay all your cards to zero and you have no new charges, you may end up with all you accounts showing a zero balance. In that case, some people will see a slight score drop. If you are trying to get every last single point temporarily, then you might get your best score at 1% total utilization or at a slightly higher number. Most people find that this exact number is below 10% utilization and utilization gets rounded up. Therefore, 9.001% utilization will show as 10%. THAT is where the 9% number comes from. It is NOT the best utilization possible, it is only that most people will find their best score UNDER 9% utilization. None of that matters unless you are spending a bunch of time trying to tweak every last single point out of your score temporarily.

 

As long as you continue to PIF your statement balance by the due date and continue to use some of your cards, you will be fine.

 


Way to take a one line comment and blow it out of proportion.  Currently she has been carrying a balance on the cards already, therefore the chance of not paying interest has come and gone. It was just a light tip on what percent of utilization is preferred. If the OP or anyone else wants to understand the best approach to utilizing CC while minimizing interest and still reporting a decent utilization, I think there are other more complete threads out there to point them to.

Established Member
anthill927
Posts: 48
Registered: ‎11-20-2012
0

Re: Okay thanks, most of them are reporting zero balances lik...

Im sorry Im a guy lol but thanks for that, but Im still a little confused based on what people have been saying. lol

I want to be in the 700s again!
Established Member
anthill927
Posts: 48
Registered: ‎11-20-2012
0

Re: Okay thanks, most of them are reporting zero balances like...

Hey let me know how this goes too, I really want to know when my credit will be updated

I want to be in the 700s again!
Valued Contributor
Swapmeet
Posts: 1,427
Registered: ‎11-10-2012
0

Re: Okay thanks, most of them are reporting zero balances like...


anthill927 wrote:

Hey let me know how this goes too, I really want to know when my credit will be updated


A few days after the end of your billing cycle for the month.

 



My Wallet: WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k||
Discover it: ||6.5k|| SG Visa: ||11k|| USAA World MC: ||23k|| US Bank Cash+ Siggy: ||5k|| Citi TYP World MC: ||10.5k||
Barlays Arrival World MC: ||10k||
Fico Scores: EQ 760 (SW),TU 757 (Walmart), EX 738 (myfico) Last app: USAA CLI (both cards) 8-15-14

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