CLD again - US Bank

[CribDuchess]

---

@ASracer-x wrote:

Well, after reviewing my US Bank statements, the actual statement has already been cut showing 97.1% utilization.

US Bank doesn't report statements til the end of the month.  So even if I paid down the LOC account, it will still report what is on the statement that was made on the 16th.

Can't stop it now I guess.  Let the chips fall as they may. 

I betcha I move my direct deposit  from them and SD the 3 cards I have.  That'll learn 'em.  lol.

---

Actually, they report whatever your balance is currently on the last business day of the month, not the balance that was on the statement they generated in that month.  So if you do decide to pay down the LOC before next Friday, January 30th, that balance will be reported.

Good luck, OP.

[gmason]

With regard to reporting by US Bank, I don't know how it works on LOC accounts. But on credit card accounts, US Bank always reports balance as of the last day of the month and ignores statement balance (for the couple of accounts I have with them). I typically let my statement cut and then PIF right before the end of the month and always get zero balance on the credit report. If LOC works the same way and you plan on paying on the account, it might be reflected accurately at the end of the month.

[Imperfectfuture]

---

@racer-x wrote:

(ghgirl wrote: Qualifying score for this product is 680 so if you dropped lower than that then that is what they are referring to regarding the low 600s. Further, if you have nearly maxed out the line it is no wonder that they cl'd. That is common for them to do that if they see maxed out products with them and not such hefty payments being paid. Also if your due date is on a weekend and you dont pay it the week before the system "may" consider it late although not reported to the cb's at that time.)

ghgirl - They said it was a 619....way below the 680 threshold you claim.  They told me it was 638 the month before.  Their scoring system is apparently about 60 pts lower than Discover, Walmart, and TU scores. 

How the hell do you get a 619 with no derogs, $100k income,  utilization 21%, $150k CL (previously $175k),  AAoA 2 yrs, 7 of 21 accts reporting balances (soon to be 4 accts).

I think they use EQ or EX when you open an account and they then use their lower scoring TU model to SP you and determine your CLI.  That's probably why getting a CLI is almost impossible with them.  With US Bank 2 yrs ago, I started with the $15k LOC, $10k VISA, and another $5k Harley Davidson VISA, and never had a CLI. 

And as stated, I was at 50% utilization before the CLD.  I was planning on dropping $2k on the account to get it closer to 30% utilization but didn't beat the hammer.

When I make a payment to my US credit accouunts, the payment is immediately taken out of my checking and credited to the credit account immediately, since US bank is (soon to be WAS) my main bank...So there is no delay on weekends or whatever.  Payments are instantaneous.

---

They use the same scoring system as my credit union.  FICO 04.  Many have pointed out that US Bank is using their own score.  Heck, chase uses their own score, not fico.  This is why the score is lower.  For example (but I have things going smooth right now), my TU 08 is 746, but the CU scores me at 728.  If I had more problems (which the older score model amplified), it could report 680, while fico 08 still hovers at 640.  Mix of credit builds up the fico 04 score, high util kills it.

[toi34]

Sorry to hear this and others' CLD stories. The timing is a bit suspicios tho...especially when many consumers are coming off the holiday season with more debt than usual at any other time of the year -- all the Xmas bills are due now; one would think that creditors would take that fact into consideration before deciding to CLD in the month of January, which seems a little unfair. Now I can see if one is STILL paying off holiday debt in March/April, where a creditor could get concerned, but in January???!!

[racer-x]

Thanks for the statement/balance/reporting info.

I'm tempted to pay the entire PLOC account off RIGHT NOW with 2 clicks of the mouse and be done with it.

It's the same amount that I have set aside to pay down on some of the other accts.  I don't know which would better serve me. 

Option 1 - Pay off 2 accts completely, leaving me with 4 out of 21 cc's  reporting a balance in addition to the PLOC account and it reporting 80% uutilization.

Option 2 - Pay 4 accts  down @ $2k each thus reducing their utilization to 15%-25% , and having 6 out of 21 cc's  reporting a balance in additon to the PLOC account and it reporting 80% utilization.

Option 3 - Pay off the entire PLOC account and not pay down the other 6 accounts  that are currently at 25-35% utilization.

Option 4 - Wait til Monday, call US Bank, plead my case, ask them to raise my CL  if I pay 1/2 the current balance?

What's the census on those scenarios?

[NRB525]

---

@racer-x wrote:

Thanks for the statement/balance/reporting info.

I'm tempted to pay the entire PLOC account off RIGHT NOW with 2 clicks of the mouse and be done with it.

It's the same amount that I have set aside to pay down on some of the other accts.  I don't know which would better serve me. 

Option 1 - Pay off 2 accts completely, leaving me with 4 out of 21 cc's  reporting a balance in addition to the PLOC account and it reporting 80% uutilization.

@Option 2 - Pay 4 accts  down @ $2k each thus reducing their utilization to 15%-25% , and having 6 out of 21 cc's  reporting a balance in additon to the PLOC account and it reporting 80% utilization.

Option 3 - Pay off the entire PLOC account and not pay down the other 6 accounts  that are currently at 25-35% utilization.

Option 4 - Wait til Monday, call US Bank, plead my case, ask them to raise my CL  if I pay 1/2 the current balance?

What's the census on those scenarios?

---

If you think there is any chance US Bank will work with you, I would not make any big changes over this weekend.

30% reporting on any given CC is not going to be a tremendous issue. CCC that have made a change already in the CL, are done for a while. They won't balance chase you multiple times a month.

[racer-x]

NRB -  The ones that CLD'd me were PIF soon after.  Those 4 Chase/DIscover accts that were CLD'd have $0 balances and were already reported to the CRA's.  So no concerns with them balance chasing me.

Well, if 30% isn't such a big deal, why did Chase and Discover CLD'd me with 30% utilization on those 4 accts.  Hell, I only carried balances for 3 months of the 12-24 mos. that I had the cards.

I think I just read somewhere that BOA closed somebodys' $1000 CL accouunt with a $0 balance.  Crazy things happening.

[NRB525]

The main point I would emphasize is, you have outstanding balances. You intend to pay them down. There are agreed terms between you and the bank about how that paydown should proceed. You have not broken those terms yet. There's nothing you have done wrong here.

Some of the CCC have decided to CLD. Your FICO scores will begin to fluctuate for a while. Don't get married to your CL. The CL can change, your FICO can change. Once you get through this and get a more stabilzed level of CL, find who the remaining banks are, you'll see your scores stabilize then start to go up again. As long as you are making the payments, that is what FICO ultimately cares about.

And, later on, you will be able to app for other cards. This is only a short term incident.

And if you are worried about your daughter's access to funds, there is still that CapOne card, sailing through the stormy seas like a big, comfy lifeboat She can be set up as an AU quite easily there.

[Imperfectfuture]

---

@NRB525 wrote:

The main point I would emphasize is, you have outstanding balances. You intend to pay them down. There are agreed terms between you and the bank about how that paydown should proceed. You have not broken those terms yet. There's nothing you have done wrong here.

Some of the CCC have decided to CLD. Your FICO scores will begin to fluctuate for a while. Don't get married to your CL. The CL can change, your FICO can change. Once you get through this and get a more stabilzed level of CL, find who the remaining banks are, you'll see your scores stabilize then start to go up again. As long as you are making the payments, that is what FICO ultimately cares about.

And, later on, you will be able to app for other cards. This is only a short term incident.

And if you are worried about your daughter's access to funds, there is still that CapOne card, sailing through the stormy seas like a big, comfy lifeboat She can be set up as an AU quite easily there.

---

I like it.  No matter what they say, cap one still has a place in many wallets.

[racer-x]

I need some good advice on this:

I'm tempted to pay the entire PLOC account off RIGHT NOW with 2 clicks of the mouse and be done with it.

It's the same amount that I have set aside to pay down on some of the other accts.  I don't know which would better serve me. 

Option 1 - Pay off 2 accts completely, leaving me with 4 out of 21 cc's  reporting a balance in addition to the PLOC account and it reporting 80% uutilization.

Option 2 - Pay 4 accts  down @ $2k each thus reducing their utilization to 15%-25% , and having 6 out of 21 cc's  reporting a balance in additon to the PLOC account and it reporting 80% utilization.

Option 3 - Pay off the entire PLOC account and not pay down the other 6 accounts  that are currently at 25-35% utilization.

Option 4 - Wait til Monday, call US Bank, plead my case, ask them to raise my CL  if I pay 1/2 the current balance?

What would yas do if it were you?