1 ACCEPTED SOLUTION
Accepted Solutions
Do you have no-preset-limit Visa Signature or MasterCard World cards? These can be a pain, because they usually do not report the true CL. One of our members did a lot of research last year, found the correct reporting code, and arm-wrestled her bank (Chase) into using it one time, but the next month they went back to same old, same old.
You're correct; for no-preset-limit cards, the formulas use the highest reported balance in lieu of a CL. It's possible to get a high balance to report if you can swing the timing. Right after your statement drops (which is when almost all cards update), run your balance up. Pay it off before the next statement date. This intra-cycle balance should report, and will be used as your CL for util purposes.
American Express charge cards do not have a CL, and EQ and EX ignore them for util purposes. The version of TU used here does go with highest previous balance, and unfortunately, AmEx only reports the highest balance statement, not the highest intra-cycle balance. So your TU score might suffer until the myFICO version is updated, but the other two should be OK. (I hope I've got this right; every time I post something about AmEx charge card util, I get shot out of the water.
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There are a lot of threads debating these cards. Do a search in the box above left under visa signature, and that should bring them up.
You're correct; for no-preset-limit cards, the formulas use the highest reported balance in lieu of a CL. It's possible to get a high balance to report if you can swing the timing. Right after your statement drops (which is when almost all cards update), run your balance up. Pay it off before the next statement date. This intra-cycle balance should report, and will be used as your CL for util purposes.
American Express charge cards do not have a CL, and EQ and EX ignore them for util purposes. The version of TU used here does go with highest previous balance, and unfortunately, AmEx only reports the highest balance statement, not the highest intra-cycle balance. So your TU score might suffer until the myFICO version is updated, but the other two should be OK. (I hope I've got this right; every time I post something about AmEx charge card util, I get shot out of the water.
) There are a lot of threads debating these cards. Do a search in the box above left under visa signature, and that should bring them up.
Do you have no-preset-limit Visa Signature or MasterCard World cards? These can be a pain, because they usually do not report the true CL. One of our members did a lot of research last year, found the correct reporting code, and arm-wrestled her bank (Chase) into using it one time, but the next month they went back to same old, same old.
You're correct; for no-preset-limit cards, the formulas use the highest reported balance in lieu of a CL. It's possible to get a high balance to report if you can swing the timing. Right after your statement drops (which is when almost all cards update), run your balance up. Pay it off before the next statement date. This intra-cycle balance should report, and will be used as your CL for util purposes.
American Express charge cards do not have a CL, and EQ and EX ignore them for util purposes. The version of TU used here does go with highest previous balance, and unfortunately, AmEx only reports the highest balance statement, not the highest intra-cycle balance. So your TU score might suffer until the myFICO version is updated, but the other two should be OK. (I hope I've got this right; every time I post something about AmEx charge card util, I get shot out of the water. )
There are a lot of threads debating these cards. Do a search in the box above left under visa signature, and that should bring them up.
You're correct; for no-preset-limit cards, the formulas use the highest reported balance in lieu of a CL. It's possible to get a high balance to report if you can swing the timing. Right after your statement drops (which is when almost all cards update), run your balance up. Pay it off before the next statement date. This intra-cycle balance should report, and will be used as your CL for util purposes.
American Express charge cards do not have a CL, and EQ and EX ignore them for util purposes. The version of TU used here does go with highest previous balance, and unfortunately, AmEx only reports the highest balance statement, not the highest intra-cycle balance. So your TU score might suffer until the myFICO version is updated, but the other two should be OK. (I hope I've got this right; every time I post something about AmEx charge card util, I get shot out of the water.
) There are a lot of threads debating these cards. Do a search in the box above left under visa signature, and that should bring them up.