topic Re: Credit Card Utilization in Credit Cards

Credit Card Utilization

HYPASS33 — Sun, 02 Jun 2013 04:37:09 GMT

This is what I have:

BOA: 1500. Bal:. 28.00
Wells: 2000. Bal: 0
USAA 3000. Bal: 46.00
Orchard: 500 Bal: 120.00
CU Visa. 500 Bal: 46.00
CU credit line ( over draft) 1000. Bal: 0
Walmart: 400 Bal: 85.00
Sams: 800. Bal: 65.00

My question is should I pay these to zero balance before statement or let them report balances like I have to show use? Looks like I have a good cushion to keep my utilization where it needs to be right? Plus hopefully Monday there will be another 2500 from the Chase approval to help as well. Experts share your thoughts to help me get my score up there.

EQ: 672
TU: 708
EX: 665 ( according to lender letter)

Thanks!

Re: Credit Card Utilization

nicholasyud — Sun, 02 Jun 2013 04:42:30 GMT

@HYPASS33 wrote:
This is what I have:

BOA: 1500. Bal:. 28.00
Wells: 2000. Bal: 0
USAA 3000. Bal: 46.00
Orchard: 500 Bal: 120.00
CU Visa. 500 Bal: 46.00
CU credit line ( over draft) 1000. Bal: 0
Walmart: 400 Bal: 85.00
Sams: 800. Bal: 65.00

My question is should I pay these to zero balance before statement or let them report balances like I have to show use? Looks like I have a good cushion to keep my utilization where it needs to be right? Plus hopefully Monday there will be another 2500 from the Chase approval to help as well. Experts share your thoughts to help me get my score up there. Paid all your balance to 0 and only let 1 CC report small balance . Dont apps for anything yet wait 1 or 2 months till they all update 0 balance and only one card report balance. Your score should increase about (+)( -)( 20 points ). Good luck.

EQ: 672
TU: 708
EX: 665 ( according to lender letter)

Thanks!

Re: Credit Card Utilization

myjourney — Sun, 02 Jun 2013 04:44:56 GMT

@HYPASS33 wrote:
This is what I have:

BOA: 1500. Bal:. 28.00
Wells: 2000. Bal: 0
USAA 3000. Bal: 46.00
Orchard: 500 Bal: 120.00
CU Visa. 500 Bal: 46.00
CU credit line ( over draft) 1000. Bal: 0
Walmart: 400 Bal: 85.00
Sams: 800. Bal: 65.00

My question is should I pay these to zero balance before statement or let them report balances like I have to show use? Looks like I have a good cushion to keep my utilization where it needs to be right? Plus hopefully Monday there will be another 2500 from the Chase approval to help as well. Experts share your thoughts to help me get my score up there.

EQ: 672
TU: 708
EX: 665 ( according to lender letter)

Thanks!

Looking for max score pay all cards off except 1 let it report a balance between 1-9% of total credit limits

but your gardening so it really doesnt matter if you let them report balances if you like

Re: Credit Card Utilization

HYPASS33 — Sun, 02 Jun 2013 04:48:20 GMT

Most of these haven't even reported even once yet cause they are new. Should I at least let them report a small balance the first time to show usage?

Re: Credit Card Utilization

myjourney — Sun, 02 Jun 2013 04:53:54 GMT

@HYPASS33 wrote:
Most of these haven't even reported even once yet cause they are new. Should I at least let them report a small balance the first time to show usage?

As long as your gardening it doesn't matter its when you plan to app you want the maximum scoring rule for highest score

Me personally I use new cards the first month and let each report after app'ing then I go back to trying to raise scores and switch which 1 reports every month

Re: Credit Card Utilization

HYPASS33 — Sun, 02 Jun 2013 04:57:58 GMT

Your score goes by the UT of all accounts combined tho correct as long as none of them are close to being maxed?

Re: Credit Card Utilization

HYPASS33 — Sun, 02 Jun 2013 05:01:54 GMT

Lets just say if all my accounts reported right now with the balances I showed above, do you think my score would increase, decrease or stay pretty much the same?

Re: Credit Card Utilization

myjourney — Sun, 02 Jun 2013 05:04:04 GMT

@HYPASS33 wrote:
Your score goes by the UT of all accounts combined tho correct as long as none of them are close to being maxed?

Correct

(1) you never want to exceed 30% of total limits

(2) for max score let 1 card report a balance of 1-9%

Hope this helps

Re: Credit Card Utilization

vwgrrc — Sun, 02 Jun 2013 05:15:04 GMT

@myjourney wrote:
@HYPASS33 wrote:
Your score goes by the UT of all accounts combined tho correct as long as none of them are close to being maxed?
Correct
(1) you never want to exceed 30% of total limits
(2) for max score let 1 card report a balance of 1-9%
Hope this helps

Heard this a lot.

But waht if I have only one card? Does 0 on balance mean 0 usage?

Re: Credit Card Utilization

myjourney — Sun, 02 Jun 2013 05:17:40 GMT

@vwgrrc wrote:
@myjourney wrote:
@HYPASS33 wrote:
Your score goes by the UT of all accounts combined tho correct as long as none of them are close to being maxed?
Correct
(1) you never want to exceed 30% of total limits
(2) for max score let 1 card report a balance of 1-9%
Hope this helps
Heard this a lot.

But waht if I have only one card? Does 0 on balance mean 0 usage?

Same applies with one card

Re: Credit Card Utilization

Anonymous — Sun, 02 Jun 2013 05:17:19 GMT

@vwgrrc wrote:
@myjourney wrote:
@HYPASS33 wrote:
Your score goes by the UT of all accounts combined tho correct as long as none of them are close to being maxed?
Correct
(1) you never want to exceed 30% of total limits
(2) for max score let 1 card report a balance of 1-9%
Hope this helps
Heard this a lot.

But waht if I have only one card? Does 0 on balance mean 0 usage?

You should let your single card report to show usage. Actually adding 1-2 cards can increase your score because it shows more responsible use because you are able to balance your finances, especially if your file is thin.

Re: Credit Card Utilization

SnackTrader — Sun, 02 Jun 2013 13:07:05 GMT

Agree with b_seeker, except that when you start out, the first card is the hardest to obtain. The second, third, fourth and all others become much easier assuming no negatives pop up on your report. So I always recommend waiting 4-6 months after getting your first card before getting more because it may enable you to move into a different credit tier and qualify for more desirable cards.

So, vwgrrc, feel free to start a new thread for advice on how long to garden or if it is time to apply for new cards and we all would be happy to offer suggestions based on your individual circumstances.