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Report shows only using 10% but says it's hurting me?

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Anonymous
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Report shows only using 10% but says it's hurting me?

I just pulled my report again.  First time since January.  It was a 670 with TU then.  One of the things hurting me at that time was no revolving accounts.  I've since opened up a CC with Cap One- a $500 unsecured card.  I've been paying it.  I used it for a work trip and paid all of it down except 10% before it reported last month so it wouldn't hurt me.  I pulled my report today.  Score for TU is up to 686 but now says I'm using too much of revolving balance.  It shows it's 10% but it says it's too high.  I'm confused.  My stimulator says that if I pay it all off ($50) it could possibly raise my score to 706.  

 

I guess I'm confused as to why %10 is too high.  Is it just because it's a low limit card? Could it also have to do with adding that $50 to my student loan debt is making it worse?  Should I just not worry about that since my score rose?  I'm trying to buy a new (used) car in next month.  

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haulingthescoreup
Moderator Emerita

Re: Report shows only using 10% but says it's hurting me?

This is a great example of the commonly-stated advice to keep your reported util UNDER 10%, meaning 9.00000000000% (you get the idea) or less.

 

Perhaps you get hit more because you only have one card.

 

Is this your first-listed negative? If not, it's probably not hurting you that much. But you might want to shoot for letting your balance report as $45 or less. Also, there have been some posts by others with only one card indicating that they don't get hurt for having their one card (= all their cards) report $0, while those with multiple cards do lose points for all with $0.

 

Alas, there are so few posters here with only one card that it's hard to find out for sure. Smiley Very Happy

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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