topic Re: Utilization...HELP!!! in Credit Cards

Utilization...HELP!!!

Anonymous — Sun, 19 May 2013 16:56:10 GMT

Let me apologize in advance for posting this in a couple of forums here already but I haven't received any feedback. My statements all close in the next 1-2 days. I just paid my utilization down to 0%. I have 10 revolving credit accounts. I am trying for prime's both Amex and Chase. I've had 7 hp's in the last two years with 5 of those being in the last 6 months. My most recent Walmart FICO is 707 but that was with 15-20% utilization. I was hoping paying everything off would raise my score even more and put me in the acceptable range for Amex or Chase. I know 5 hp's are going to hurt the way they look at me but I'm hoping to connect with a good phone rep. Only one bad from two years ago...satisfied judgment that was paid off in March 2013. Do I need to run out and charge something today?

Re: Utilization...HELP!!!

dodfire — Sun, 19 May 2013 16:59:30 GMT

FICO does not seem to like all zero balances. It is good to have a small balance on 1 of your cards. Most say between 1%-9% of your total revolving credit.

So, if I were you I would go charge something small and let it report.

Re: Utilization...HELP!!!

Anonymous — Sun, 19 May 2013 17:01:53 GMT

Thanks. Do I need to put a little something on each account or can I just make a purchase on 1?

Re: Utilization...HELP!!!

FocusedAndDetermined — Sun, 19 May 2013 17:03:24 GMT

My understanding is that a small balance on one card yields the best results, but bring down your overall utilization should provide some boost. It's really up to you how you want to handle it. Can you wait a little while longer, until your most recent inquiries age?

Re: Utilization...HELP!!!

FocusedAndDetermined — Sun, 19 May 2013 17:04:15 GMT

one card would be best.

@Anonymous wrote:
Thanks. Do I need to put a little something on each account or can I just make a purchase on 1?

Re: Utilization...HELP!!!

dodfire — Sun, 19 May 2013 17:06:17 GMT

Just one card

Re: Utilization...HELP!!!

Anonymous — Sun, 19 May 2013 17:11:05 GMT

Yes I can but I didn't want to start gardening until after a prime. Amex with rewards is the goal. I've checked all of my reg bills that I pay every month and most all except Amex charge for payment. My reg bills are $2,000 per month. My goal is to get all the reward benefits. I'm already paying them with my debit card so it just makes since to get the rewards. Should be a great way to save for family vacation every year without doing anything different.

Re: Utilization...HELP!!!

Anonymous — Thu, 11 Jul 2013 14:09:00 GMT

i have a question i have a WF CC with a limit of $2000 and i always leave a 7% balance so they can report, now i found this:

May 2013: $139 / May 16, 2013 / $15 / $387
Apr 2013: $139 / April 16, 2013 / $15 / $282
Mar 2013: $131 / March 15, 2013 / $15 / $175
Feb 2013: $130 / February 6, 2013 / $15 / $139
Jan 2013: $139 / January 16, 2013 / $15 / $168

reported, am i doing this right? even if i use more that $139 (7%) i always pay it down before the statement date so they can only report like i used 7% only. But im confused by the last amount shown above. can someone tell me if im doing this right. thanks

Re: Utilization...HELP!!!

manwoot — Thu, 11 Jul 2013 14:10:53 GMT

@Anonymous wrote:
i have a question i have a WF CC with a limit of $2000 and i always leave a 7% balance so they can report, now i found this:
May 2013: $139 / May 16, 2013 / $15 / $387
Apr 2013: $139 / April 16, 2013 / $15 / $282
Mar 2013: $131 / March 15, 2013 / $15 / $175
Feb 2013: $130 / February 6, 2013 / $15 / $139
Jan 2013: $139 / January 16, 2013 / $15 / $168
reported, am i doing this right? even if i use more that $139 (7%) i always pay it down before the statement date so they can only report like i used 7% only. But im confused by the last amount shown above. can someone tell me if im doing this right. thanks

You're doing it just fine. Normally, that other amount is the "last paid" or whatever payment you made to WF.

Re: Utilization...HELP!!!

Anonymous — Thu, 11 Jul 2013 19:38:31 GMT

Thanks , i usually make a payment before my statement date to lower my balance to 7% before they report me. so im all good wew!. the $15 is the minimum payment which of course i dont do as i pay the whole thing