Paying it down/ off will rectify the hit. Utilization has no memory, itll jump back up 30-60 days.
Disputing it however might be a good option. Good luck with that and the home buying process!
@mkoontz4 wrote:A little under a year ago, I got a Chase Ink Business Cash card under my LLC to finish a rehab. Everything I read at the time (and still read), is that Chase Business cards do not report to your personal credit UNLESS you are not in good standing. I have had nothing negative on the business or personal side since. The other day I got a copy of my credit report and the Chase card is on there. I have also taken a ~60 point hit due to the utilization (I'm guessing - its maxed out at 12K until the 0% APR is up). I was at ~760s score and now ~700. Once the 0% APR is up this month, I am going to pay it off in full, or balance transfer onto another card with 0%. I have one personal CC which is paid off every month.
My question is - am I able to take any steps to rectify the credit hit? Dispute the trade line? I called Chase which ended up with me being transferred multiple times and no one was able to answer my question. I plan on buying a primary residence this year and don't want to run into any issues when it comes to financing.
Wow that is strange. I would say you need to get in touch with the department at Chase that interfaces with the credit bureau reporting.
As others have said, until you get it fixed, you need to pay that account down to zero.
