topic Re: MAYCY'S CREDIT UNITILIZION in Credit Cards

MAYCY'S CREDIT UNITILIZION

bsal — Sat, 29 Nov 2008 14:42:16 GMT

I have a question and I need help in correctiong me if i'm wrong, last weekend I went and open a mayc's department store revolving account cause i have no revolving credit, it was for a 100.00 upon opening that account i went ahead and used it that day and spent 58.00 dollars out of the 100.00, then i went and paid 50.00 dollars out of the 58.00 dollars so i can have that under 10% credit Unitilizion, but i looked at my credit report this morning and its already reporting on my exp report as a balance of 50.00 dollars shouldnt it be like 8 dollars balance since i paid the 50.00 dollars that day, cause the 50 dollars thats reporting is making it seem like i have a high credit unitilizion right? can some of you experts give me some insight on this if i'm wrong, or if i'm right what should i do on about it?

Re: MAYCY'S CREDIT UNITILIZION

spiritcraft1 — Sat, 29 Nov 2008 16:09:45 GMT

It should be $8 or 8% utl... But likely since you purchased the same day, they initially reported the balance before you paid... This same thing happened to my wife...

When you sign in online, what date does it say for "payment due"? It should say $0 due also but they will report again to the credit agencies a few days after that "Payment Due" date... and then it will report correctly.

Also, she had no revolving credit either and even though her UTL that first month was 52%, her score went up... FAKO's since she does not have a FICO yet)... don't worry too much about it... and congrats!!!!

Message Edited by spiritcraft1 on 11-29-2008 10:09 AM

Re: MAYCY'S CREDIT UNITILIZION

bsal — Wed, 03 Dec 2008 13:38:27 GMT

Well i called macys and the person i spoke with told me they report to the credit people on the 1st week of every month. so like i said my bill was 60.00 and i paid like 50 dollars the same day i used the card so when the statement cut witch was on 11/28/08 my bill should be like 10 dollars and its not due until 12/22/08 so since my bill is going to be 10 dollars should i pay it off in full by the 12/22/08 or should i pay the minum just to leave a balance for the next month when macy's report again? cause i dont plan on using the card every month and i dont want to get dinged for having a 0 balance what do you think guys and gals?

Re: MAYCY'S CREDIT UNITILIZION

spiritcraft1 — Wed, 03 Dec 2008 13:53:31 GMT

That seems common...

Mine is due the 28th... It seems that the statement cuts 4-5 days after that... For me, paying in full before the due date worked (Month 3, just received a $700 increase)...

But if you would prefer to leave a balance, make it less than 10% and to be safe. Pay whatever it takes to get down to the 10%... I suppose that if you left a small balance and paid a token amount in months you do not use the card would be ok. If you do need anything that they offer, it would be best to buy something each month and PIF. They seem to reward cardholders every 3 months as long as you treat them well. Good luck!