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Your utilization should be on just one card and ideally at 1% to 9%. You can charge on all of them but remember to keep just the one reporting a balance.
If it has reported, you may already know the effect! If it hasn't reported, pay it down!
Well, I am not trying to apply for anything right now so I'm not too bothered if it is messing up my score for a month or two.
It's the Amazon store card, they gave me a tiny limit compared to my other cards, so even though it is set up to automatically pay the full balance every month even a little spending on it sends the utilization on that one card really high. I like earning the 5% cashback, so I don't really intend to stop using it. I would if I were applying for something big like a mortgage, forgo the 5% cashback for a month.
Just wondering what the actual score impact is of having it sitting like that. Other than that card my spending is ordinarily under 9% of the limit of my go-to card and I always pay all balances in full. But that card... grr.
It will affect everyone differently. On a side note, I would call up credit solutions and request $10k on your Amazon card!
@Anonymous wrote:
I have utilization of 3% overall across all my cards, but one card, my Amazon store card, has over 50% utilization, because it has a relatively small limit.
What effect do you think that is having on my score?
If I had to guess based on my own anecdotal data, probably none. If you want to test it, don't PIF, leave 1% or whatever on the card and see if your score moves assuming you're tracking it.
I went from ~34ish to ~4100 on a 7.5K tradeline and my score didn't budge according to EQ FICO 8 last year. It's something I intend to test again if I ever start buying stuff (maybe after I get a house and want to furnish it with something like a good couch instead of this throw away piece of junk I have); I do know there's a penalty at 97% and another user reported the same at 93%, but unless you max out a tradeline (need to test that too to sharpen up my range, somewhere between 73% and 93% seemingly, sigh, go go 1K Freedom!) not certain there's much damage from a FICO perspective. Needs moar data.
@Revelate wrote:
@Anonymous wrote:
I have utilization of 3% overall across all my cards, but one card, my Amazon store card, has over 50% utilization, because it has a relatively small limit.
What effect do you think that is having on my score?If I had to guess based on my own anecdotal data, probably none. If you want to test it, don't PIF, leave 1% or whatever on the card and see if your score moves assuming you're tracking it.
I went from ~34ish to ~4100 on a 7.5K tradeline and my score didn't budge according to EQ FICO 8 last year. It's something I intend to test again if I ever start buying stuff (maybe after I get a house and want to furnish it with something like a good couch instead of this throw away piece of junk I have); I do know there's a penalty at 97% and another user reported the same at 93%, but unless you max out a tradeline (need to test that too to sharpen up my range, somewhere between 73% and 93% seemingly, sigh, go go 1K Freedom!) not certain there's much damage from a FICO perspective. Needs moar data.
My score changes slightly when I add more cc's with larger cl's. I did max out (to the limit) my Restoration Hardware card in January and there really wasn't much of a difference. Still owe them about 50%, all other cards are going to report zero coming up. I'll see if there's a change. I had 6 cards reporting out of 17. All but 1 of them were low balances like $4.00 to $25.00. Only because the creditor didn't keep their report up to date.
I'll try and test it. Synchrony bank updates in a day or two when they receive a payment so I should be able to pay it and see right away what happens.
I will wait a bit, my Amex PRG hasn't shown up on my account yet (1.5 months later) -- I want to see what effect that has when it posts. Once that shows up, I will pay down the Amazon card balance and see what difference it makes.
@Revelate wrote:
@Anonymous wrote:
I have utilization of 3% overall across all my cards, but one card, my Amazon store card, has over 50% utilization, because it has a relatively small limit.
What effect do you think that is having on my score?If I had to guess based on my own anecdotal data, probably none. If you want to test it, don't PIF, leave 1% or whatever on the card and see if your score moves assuming you're tracking it.
I went from ~34ish to ~4100 on a 7.5K tradeline and my score didn't budge according to EQ FICO 8 last year. It's something I intend to test again if I ever start buying stuff (maybe after I get a house and want to furnish it with something like a good couch instead of this throw away piece of junk I have); I do know there's a penalty at 97% and another user reported the same at 93%, but unless you max out a tradeline (need to test that too to sharpen up my range, somewhere between 73% and 93% seemingly, sigh, go go 1K Freedom!) not certain there's much damage from a FICO perspective. Needs moar data.
Wonder if it is less of an impact if your overall util remains low even though one card may be close to maxed out?
@Scupra wrote:
@Revelate wrote:
@Anonymous wrote:
I have utilization of 3% overall across all my cards, but one card, my Amazon store card, has over 50% utilization, because it has a relatively small limit.
What effect do you think that is having on my score?If I had to guess based on my own anecdotal data, probably none. If you want to test it, don't PIF, leave 1% or whatever on the card and see if your score moves assuming you're tracking it.
I went from ~34ish to ~4100 on a 7.5K tradeline and my score didn't budge according to EQ FICO 8 last year. It's something I intend to test again if I ever start buying stuff (maybe after I get a house and want to furnish it with something like a good couch instead of this throw away piece of junk I have); I do know there's a penalty at 97% and another user reported the same at 93%, but unless you max out a tradeline (need to test that too to sharpen up my range, somewhere between 73% and 93% seemingly, sigh, go go 1K Freedom!) not certain there's much damage from a FICO perspective. Needs moar data.
Wonder if it is less of an impact if your overall util remains low even though one card may be close to maxed out?
Barry always told us that although scoring looks at both overall and individual account utilization it's the overall percentage that carries the most weight.