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Background:
I currently have 3 CCs, all of which were open in June of 2008.
Current Balances/CL/Statement Drop Date:
WaMu - $524.18 $2,000 11/25
AEFCU - $236.17 $500 11/28-11/30
HFCU - $155.41 $1,000 11/11-11/13
Objective:
WaMu - Pay $300.00 (leaving $224.18 to post on statement)
AEFCU - Pay $236.17 (leaving $0 to post on statement)
HFCU - Pay $60.00 (letting $95.41 post on statement)
This will make my util 9%, correct?
Scenario:
Want to purchase a PS3 for my son tomorrow at Walmart using WaMu CC (unfortunately, I can only get it with the $100 gift card tomorrow only). I'm coming up on my 6th statement with WaMu on 11/25. Wondering if I would jeopardize my FICO scores by letting a larger balance on my WaMu CC report (if, in fact, I gain FICO points for 6-month anniversary - not sure how true this is?). If I purchase the PS3 ($422.94 including tax) and let that balance report with the $224.18 (totaling $647.12) and bringing my util to 21%, will I risk a FICO score drop for this? I plan on making a huge payment on 11/28, but have some items I need to pay off first.
I'm thinking I should just forfeit the $100 gift card (sweet offer) and look for another offer later, but I really don't want to pass this up. Hope I made sense. Your help is greatly appreciated.
You're more than welcome. I just saw this thread, so I didn't reposnd to it earlier.
Yes, your utilization would be 9% after the payments.
If I calculate correctly, it looks like after your big purchase, the WaMu card will only be reporting an individual utilization in the low 30s. (I forgot the exact number and don't want to re-run the calculation, but I seem to remember it was 32%?)
That's really not so bad. I wouldn't worry about letting low 30s utilization report on a single card for only 30 days, even if it did cost a few points temporarily.
Remember that ultimately, you want your FICO score to be high so that you can obtain and use the credit you want and need. Why bother worrying about a high FICO score if it's giong to prevent you from making reasonable use of the credit you've obtained?
Just my $0.02.
@Uniqua wrote:CC Util Question for Mods
Sorry, I am not a Mod so I can't answer
MidnightVoice wrote:
@Uniqua wrote:CC Util Question for Mods
Sorry, I am not a Mod so I can't answer
As if my answer could be improved on?!?!?!
JK
@Anonymous wrote:
As if my answer could be improved on?!?!?!
It could not, oh Mighty Moderator
In that case, if saving $100 on a PlayStation is going to cause problems with a mortgage application, I'd say forget about the $100 and get the PlayStation some other time.
If you can, pay the two non-WaMu accounts down to zero and pay whatever else you can on the WaMu account. (Having less that half your revolving TL's reporting a balance will increase your FICO scores.) Go ahead and make your purchase and then pay whatever you can later in the month (to WaMu).
A FICO score only exists at the exact moment your credit report is pulled. Since you are not intending to apply for credit at this time you have little to worry about. Keep focused on the long run and don't cut things too finely. Micro-management will drive you nuts.
Your scores are already hovering around 700. Do not anticipate seeing a large bump at the six month point. The higher your scores are, the less bump you will see. (In fact sometimes when positive changes in your CBR's occur that cause a bucket change your FICO score can actually decrease!)