topic question about new card in Understanding FICO® Scoring

question about new card

Anonymous — Wed, 06 Jul 2016 18:10:59 GMT

I just got a Lowes card. (I thought I needed it for repairs, but I didn't) Now that I already have it, do I need to let a very small balance get reported, so that my overall uti can benefet from the credit limit on the card? It seems like I read somewhere that if you never use the card, the credit limit would not figure into your overall UTI. Is this correct?

Re: question about new card

SouthJamaica — Wed, 06 Jul 2016 19:25:23 GMT

@Anonymous wrote:
I just got a Lowes card. (I thought I needed it for repairs, but I didn't) Now that I already have it, do I need to let a very small balance get reported, so that my overall uti can benefet from the credit limit on the card? It seems like I read somewhere that if you never use the card, the credit limit would not figure into your overall UTI. Is this correct?

It would be good to use it once in a while, just to keep it from being closed for inactivity.

Re: question about new card

RonM21 — Wed, 06 Jul 2016 21:14:29 GMT

As long as you use it every couple of months or so, it shouldn't be an issue. You don't want a stretch where the lender does not report anything on it.

Re: question about new card

Anonymous — Wed, 06 Jul 2016 21:46:02 GMT

@Anonymous wrote:
I just got a Lowes card. (I thought I needed it for repairs, but I didn't) Now that I already have it, do I need to let a very small balance get reported, so that my overall uti can benefet from the credit limit on the card? It seems like I read somewhere that if you never use the card, the credit limit would not figure into your overall UTI. Is this correct?

You are in the perfect position....

Lowes is a great card...if you use it wisely (aren't they all)

Horrible APR

BUT ..you don't need it now...

So don't carry a balance...PIF

And .....get your CL jacked up as high as possible...they are the best at high cl's..10,000 is nothing to them

And take advantage of their occasion specials that fit your needs

Re: question about new card

Anonymous — Thu, 07 Jul 2016 02:16:52 GMT

Thanks for the advice. Any suggestions on how much I need to use it in order to get my CL increased the fastest?

Re: question about new card

Anonymous — Fri, 08 Jul 2016 01:56:25 GMT

Do I need to let the card report a small balance the first month, so my CL will figure in to my overall UTI? Or is it already being used, since the card is showing on my CR?

Re: question about new card

SouthJamaica — Fri, 08 Jul 2016 21:16:50 GMT

@Anonymous wrote:
Thanks for the advice. Any suggestions on how much I need to use it in order to get my CL increased the fastest?

No.

And don't worry about that.

Not a good reason to use a credit card.

Re: question about new card

SouthJamaica — Fri, 08 Jul 2016 21:17:06 GMT

@Anonymous wrote:
Do I need to let the card report a small balance the first month, so my CL will figure in to my overall UTI? Or is it already being used, since the card is showing on my CR?

No you don't.