topic Re: quick cc question in Credit Cards

quick cc question

creditchild — Thu, 21 Oct 2010 16:28:43 GMT

i have 2 credit cards with somewhat small credit limits. $500,and $300. how much should

my balances be on each one at the end of the month? and would my score go up with my utilization down?

last month my score went down because my balances were high. i'm working on getting them down before

my cycle ends. thanks.

Re: quick cc question

MarineVietVet — Thu, 21 Oct 2010 16:38:10 GMT

@creditchild wrote:

i have 2 credit cards with somewhat small credit limits. $500,and $300. how much should

my balances be on each one at the end of the month? and would my score go up with my utilization down?

last month my score went down because my balances were high. i'm working on getting them down before

my cycle ends. thanks.

Hi there,

The same rules apply no matter what your CL's happen to be. Try and have only one of your cards report a small (<9% of CL) balance on the monthly statement and then PIF before the due date to avoid interest. On the other card always have it report a zero balance each month. That doesn't mean you can't use it it just means you time your payments on that second card to ensure that your balance is zero before the statement posts.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work

Re: quick cc question

creditchild — Thu, 21 Oct 2010 17:40:18 GMT

thanks mvet. but will my scores go up? currently my scores are (fico)TU 623 EQ 633

Re: quick cc question

haulingthescoreup — Thu, 21 Oct 2010 17:44:02 GMT

They should, IF you arrange it as MVV suggested, with one reporting $0 and the other a miniscule amount.

You do have to allow for both cards' new balances to report to all three CRA's, and then for all three CRA's to actually post the new info. But once that happens, if anyone (including you) pulls a FICO score report, they should rise.

How much they will rise depends on what other negatives you have going on. If high util was the first-listed negative, your score will rise more than if it was the third or fourth one.