Credit Utilization

[Anonymous]

Hi all. Question, I have 3 credit cards, 2 secured cards with 1,000 limit on each and 1 as an authorized user with a 13,500 limit.  The smaller cards are maxed out and the 13,500 one has a zero balance but gets used monthly by the account holder.  When my score and utilization comes into play, my utilization is 13% right now.  Does it hurt me that the 2 cards are maxed out? Does it matter my overall utilization is 13% or does it go by card? I still pay the monthly or i pay them in full then max them out right after.  I noticed that if I want a zero balance to report,, I have to wait 3-5 days after my closing date, then use them and it will report as zero. 

[Anonymous]

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@Anonymous wrote:

Hi all. Question, I have 3 credit cards, 2 secured cards with 1,000 limit on each and 1 as an authorized user with a 13,500 limit.  The smaller cards are maxed out and the 13,500 one has a zero balance but gets used monthly by the account holder.  When my score and utilization comes into play, my utilization is 13% right now.  Does it hurt me that the 2 cards are maxed out? Does it matter my overall utilization is 13% or does it go by card? I still pay the monthly or i pay them in full then max them out right after.  I noticed that if I want a zero balance to report,, I have to wait 3-5 days after my closing date, then use them and it will report as zero. 

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Yes it hurts that those two cards are maxed out.  The scoring takes into account both overall and indvidual card utilization.  If they are reporting at 100%, it definitey is hurting your scores.

[Anonymous]

Thats the answer I wanted.  Thanks.  One of them close in 2 days (20th) and the other in January.  I better pay that one due in 2 days. LOL.  I am trying to lease a truck so time is of the essence.  I had my brother add me as an auth user so his past payment history and credit line could help me.  His cycle closed yesterday and Citi reported it already which was fast I thought.  Should I pay the 1,000 card all the way down or should I keep a balance of 300?  Im mid to high 5s on 2 buearus and 624 on TU.  His tradeline really didnt help me much on my EQ.  Raised me 15-20 I think.  If I pay the 1,000 card, will my score jump up immediatly?  Cause the month before It reported at zero and this month it dropped me 40pts.  Sucks

[Anonymous]

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@Anonymous wrote:

Thats the answer I wanted.  Thanks.  One of them close in 2 days (20th) and the other in January.  I better pay that one due in 2 days. LOL.  I am trying to lease a truck so time is of the essence.  I had my brother add me as an auth user so his past payment history and credit line could help me.  His cycle closed yesterday and Citi reported it already which was fast I thought.  Should I pay the 1,000 card all the way down or should I keep a balance of 300?  

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For best scoring, pay down all cards to $0 but leave a couple dollars on one and welcome to MyFico

[Anonymous]

Thanks