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Moderator Emeritus
Lel
Posts: 5,268
Registered: ‎03-18-2008
0

Re: Score impact of going from 89% util to <10%

That's a great jump in EQ!  Not too shabby with TU; perhaps that will edge up a bit in coming weeks.

Moderator Emeritus
fused
Posts: 16,378
Registered: ‎03-12-2007
0

Re: Score impact of going from 89% util to <10%

Ilecs, I still think your TU score will reach 750 or more when all is said and done. Why? Your Cap1 is at 82% and your Juny is maxed out at 97%.

Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Valued Member
UtahTiger
Posts: 44
Registered: ‎07-31-2010
0

Re: Score impact of going from 89% util to <10%

AMEX is the only Credit Card I have that will report payments anytime I want.  I just call them up and they report it.  For some reason my limit shows with them too.  $4,700.

 

Congrats on the huge score increase!!!


Starting Score: TU 630... EQ 630....EX FAKO 637
Current Score: TU 736... EQ 770....EX FACO 779
Goal Score: 760


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Moderator Emeritus
fused
Posts: 16,378
Registered: ‎03-12-2007
0

Re: Score impact of going from 89% util to <10%

 


UtahTiger wrote:

 

AMEX is the only Credit Card I have that will report payments anytime I want.  I just call them up and they report it.  


Wow, really???

 

Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Valued Contributor
my-own-fico
Posts: 1,237
Registered: ‎01-05-2010
0

Re: Score impact of going from 89% util to <10%

 


fused wrote:

 


UtahTiger wrote:

 

AMEX is the only Credit Card I have that will report payments anytime I want.  I just call them up and they report it.  


Wow, really???

 


 

Me too. UtahTiger, how soon after the statement cutoff does your monthly balance show up on your EQ and TU credit reports?

 

The lost luggage office’s trained professional, “Has your plane arrived yet?”
Valued Member
UtahTiger
Posts: 44
Registered: ‎07-31-2010
0

Re: Score impact of going from 89% util to <10%

I don't know when my monthy cutoff dates are?  I don't even know what this is but I think it is when the send me a statement?


Starting Score: TU 630... EQ 630....EX FAKO 637
Current Score: TU 736... EQ 770....EX FACO 779
Goal Score: 760


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keepingscore101
Posts: 2
Registered: ‎08-02-2010
0

Re: Score impact of going from 89% util to <10%

I can't thank you enough for posting this information.  

 

Now...do you know why the World Master Card accounts refuse to report a credit limit?  The change to a Chase World Master Card significantly reduced my score.

 

 

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Score impact of going from 89% util to <10%


keepingscore101 wrote:

I can't thank you enough for posting this information.  

 

Now...do you know why the World Master Card accounts refuse to report a credit limit?  The change to a Chase World Master Card significantly reduced my score.

 

 


I don't know why they do that. Sounds like they "upgraded" you. Woohoo.

 

I was hit with the same when my Macys and Bloomingdales updated in May with no CLs. I instantly lost over $7000 in available credit and it hurt my score when util jumped by 20% or so. Back in the day, CapOne didn't report either. The only logical reason behind it would be for profit. If CLs don't report, and if the saavy consumer knows that it won't factor into util, then maybe their logic is that I can run up my balances without any scoring consequence and therefore fork more interest to them over time as my balances remain high. That's my only thought. I'm keeping my DSNB cards on ice permanently. If they get closed, they get closed.

Contributor
jello77
Posts: 83
Registered: ‎08-02-2010
0

Re: Score impact of going from 89% util to <10%

--------------------------------------------------------------------------------------

keepingscore101 wrote:

do you know why the World Master Card accounts refuse to report a credit limit? 

The change to a Chase World Master Card significantly reduced my score.

--------------------------------------------------------------------------------------

 

The reason your World Master Card doesn't report the credit limit might be because it's one of those notorious "no pre-set spending limit' cards that do not report the credit limit to the agencies. This type of card may appear on your credit report as Type = Open (for TU and EQ) or Type = Flex Spending (for EX) instead of Type = Revolving.

 

From what I have read, if a card is listed as Type = Open or Type = Flex Spending, the account should not be included when figuring the utilization rate. If a card is listed as Type = Revolving and no credit limit is reported, the agency will use the "largest reported balance" in place of the credit limit when scoring your utilization rate.

 

This issue is confusing and how a card with no reported credit limit affects your score seems to depends on which agency and which version of the FICO scoring model is being used.

 

I recently got a notice from Citicards that my Premium Select card with a 13,000 credit limit would be upgraded to a World Master Card with no pre-set spending limit. I called and said I did NOT want to be upgraded, and they said I could keep my current card.

 

You might want to call and ask if you can be changed back to your previous card. Some people have said card companies will report the credit limit if you call and ask them to.

EQ-04 FICO__804__(from DCU)__inquiries = 0
EQ-08 FICO__826__(from MyFICO)__inquiries = 0
EX-98 FICO__837__(from PSECU)__inquiries = 0
EX-08 FICO__813__(from MyFICO)__inquiries = 0
TU-08 FICO__820__(from MyFICO)__inquiries = 0
Oldest account 36 yrs / Newest account 2 years / Average age 12 yrs / Total accounts 10 / Accounts reporting balance = 2 / Util = 3%
Valued Contributor
my-own-fico
Posts: 1,237
Registered: ‎01-05-2010
0

Re: Score impact of going from 89% util to <10%

 


jello77 wrote:
From what I have read, if a card is listed as Type = Open or Type = Flex Spending, the account should not be included when figuring the utilization rate. If a card is listed as Type = Revolving and no credit limit is reported, the agency will use the "largest reported balance" in place of the credit limit when scoring your utilization rate.

 

I have not taken the step of calling our Visa's CCC to insist that the former status (Open) be changed to the latter (Revolving and no credit limit reporting, but the high balance reporting). I suspect it can't be done without suffering regrettable side effects, and this card is this one that goes farther back than the others. I just have no interest in rocking the boat when I'm not on solid ground. :smileywink:

 

You can well imagine then that for those years we had that one card after the open status kicked in and we happily paid in full by the due date, the dollar amount of our available balance would be minus that of the monthly balance. The credit report would list seemingly conflicting factors such as High revolving balances (because the available balance was on the minus side) and No credit card activity (because no credit limit or high balance was reported).

 

As it happened, we got a card reporting a healthy credit limit somewhere at the time of the much talked about "760 is the new 720." So we have always stayed above the cutoff. But not because we had any clue about what was going on. We were most certainly blissfully ignorant. :smileyvery-happy:

 

Are your familiar with the Blissful Ignorance Effect? It "suggests that individuals have a tendency to expect more favorable outcomes with vague information after taking an action than prior to taking the action." That would explain why people calling in to activate a new card have no reservations about asking for a CLI at the time. The approach works for some and with no downside, but I figure the automatic CLIs will to come to you soon enough if your finances are in order overall.

 

And due to such automatic CLIs, the credit limit for the Visa card that I mentioned has long been so high that it exceeded even the cutoff for the card to be included in the util calculation. Sure, it would be nice if the high balance reported, but the other cards provide an ample total of credit limits, and with a reported total of monthly balances of near $0, the util is 1%, so we're ok.

 

The lost luggage office’s trained professional, “Has your plane arrived yet?”

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