topic Re: 46% Util down from 84%!! and going even lower!! in Credit Cards

46% Util down from 84%!! and going even lower!!

zerobacan — Thu, 14 Feb 2013 01:09:54 GMT

Since I joined the forums I learned how much Utilization counted towards a good credit and financial life.

I always thought that having a balance at all my cards helped me, and that as long I did not go over my CL I was fine. Then I would not understand why they would never give me CLI...

Now I have 4 of 10 cards in $0 and I keep brining the other ones down, to the magic number of 1-9% overall.

Thanks everyone for their helpful post!

Re: 46% Util down from 84%!! and going even lower!!

Anonymous — Thu, 14 Feb 2013 00:32:11 GMT

This forum definitely has the right information to help people be better consumers of credit.

Re: 46% Util down from 84%!! and going even lower!!

E150GT — Thu, 14 Feb 2013 00:41:48 GMT

Tell me about it. I have seen my score shoot up. Just got a notification that it went up to 734 this month. I was at 688 and then 710, then 724 and now 734 just from paying off cards. No CLI or anyting yet.

Re: 46% Util down from 84%!! and going even lower!!

zerobacan — Thu, 14 Feb 2013 01:12:45 GMT

my plan is to keep brining them down, and if i have to use them i will PIF before the statement cut to show them at $0 in my CR, i am getting close to my Walmart 4th statement, and I want a bigger CL than 300

Re: 46% Util down from 84%!! and going even lower!!

londonhogfan — Thu, 14 Feb 2013 01:37:29 GMT

Awesome work! Walmart will give you a great reward. They gave me a 500 auto increase, but when I called (same day) they gave another 1500 easy. Wished I had asked for more.

Don't be afraid to ask for more than you think they'll give you. Good luck!

Re: 46% Util down from 84%!! and going even lower!!

Epcot — Thu, 14 Feb 2013 03:37:03 GMT

I also learned how much util plays a role in score and paid down alot of debt. Very happy with the dramatic increase in scores I received. Keep up the good work paying down those cards!

Re: 46% Util down from 84%!! and going even lower!!

zerobacan — Thu, 14 Feb 2013 03:41:43 GMT

@londonhogfan wrote:
Awesome work! Walmart will give you a great reward. They gave me a 500 auto increase, but when I called (same day) they gave another 1500 easy. Wished I had asked for more.

Don't be afraid to ask for more than you think they'll give you. Good luck!

I have the understanding that other CCC will look at your limit before giving you a CLI, my biggest CL is 1k, would Walmart beat these?

I would shoot high like you guys say, 2 ks??? i have used and carried a balance the last 4 months, now its the first time I PIF. we will see.

Also Im not rich kid, im actually putting a lot of effort in paying them down

Re: 46% Util down from 84%!! and going even lower!!

athan12 — Thu, 14 Feb 2013 04:06:23 GMT

How do I check my utilization?

Re: 46% Util down from 84%!! and going even lower!!

athan12 — Thu, 14 Feb 2013 04:06:34 GMT

@zerobacan wrote:
@londonhogfan wrote:
Awesome work! Walmart will give you a great reward. They gave me a 500 auto increase, but when I called (same day) they gave another 1500 easy. Wished I had asked for more.

Don't be afraid to ask for more than you think they'll give you. Good luck!
I have the understanding that other CCC will look at your limit before giving you a CLI, my biggest CL is 1k, would Walmart beat these?

I would shoot high like you guys say, 2 ks??? i have used and carried a balance the last 4 months, now its the first time I PIF. we will see.

Also Im not rich kid, im actually putting a lot of effort in paying them down

How do I check my utilization?

Re: 46% Util down from 84%!! and going even lower!!

E150GT — Thu, 14 Feb 2013 04:12:14 GMT

check utilization by taking balace / credit limit. move decimal over two places to the right. round up

$100 balance

$500 limit

100/500=.20 or 20% util

Re: 46% Util down from 84%!! and going even lower!!

athan12 — Thu, 14 Feb 2013 04:26:05 GMT

1% - 9% is ideal utilization right?

Re: 46% Util down from 84%!! and going even lower!!

Anonymous — Thu, 14 Feb 2013 04:43:23 GMT

Congrats on getting them down. I am about to make a move to reduce all my cards to 1% util, just waiting on IRS to send me my refund.

That will be essentially the last step in my total credit reboot.
no baddies, no CA, util below 1% and 1 inquiry on TU, 1 on Ex and 2 on EQ but three of them are over a year and a half ago.

I am carrying Amex courtesy of my wife, a Cap one from my wife, cap one from myself and discover from myself and a couple others.

I can't wait to drop the util, let them report and then get some real cards for a change.

Amazing part of the whole thing is that most of my moves were made from info I found here.

Re: 46% Util down from 84%!! and going even lower!!

creditnocash — Thu, 14 Feb 2013 05:19:45 GMT

@athan12 wrote:
1% - 9% is ideal utilization right?

yes thats correct, but only let one card report a balance if your going for highest scores (but doesnt really matter if your not applying for anything)

i paid off 4 of my cards this week. one reported so far and my score went up 11 points! i say by this time next month ill be in the 700 club! and high 700s on walmart and amex(Fako).

Re: 46% Util down from 84%!! and going even lower!!

zerobacan — Thu, 14 Feb 2013 19:14:23 GMT

Credit Karma would give you a Utilization report too

Still coutning the days for my Walmart Statement to cut...

Re: 46% Util down from 84%!! and going even lower!!

icetrap06 — Thu, 14 Feb 2013 19:55:16 GMT

@zerobacan wrote:
Credit Karma would give you a Utilization report too

Still coutning the days for my Walmart Statement to cut...

+1, take the score lightly as it is a FAKO, but it is a good service for monitoring your reports including the utilization that is currently being reported. The service is free.