Ok I got ill let my FICO Scorewatch for the 16.99 charge be the only monthly transaction on my card and pay it off in full every month!
@mongstradamus wrote:
@Closingracer99 wrote:
@mongstradamus wrote:Just once an month buying lunch or something should suffice for proper utilization
TBH wouldn't going to the Max and making sure it doesn't post more then $20 be much better to show usage?
I was think like deli sandwich and snapple for lunch that shouldn't be that much. I think utilization is only important if you are going to apply for something soon imo.As long as you don't pay late you should be fine.
I only recently recovered from showing a maxed out discover card ... I also showed a $280 balance on my Amex card that month. Shot down my TU score 50 points which for his score would be a nightmare. If he had a thicker file or better scores util % wouldn't be a big factor but for him it would be imo. I would just want to show usage to Capital one and maybe get a better card out of doing that
@Closingracer99 wrote:
@mongstradamus wrote:
@Closingracer99 wrote:
@mongstradamus wrote:Just once an month buying lunch or something should suffice for proper utilization
TBH wouldn't going to the Max and making sure it doesn't post more then $20 be much better to show usage?
I was think like deli sandwich and snapple for lunch that shouldn't be that much. I think utilization is only important if you are going to apply for something soon imo.As long as you don't pay late you should be fine.
I only recently recovered from showing a maxed out discover card ... I also showed a $280 balance on my Amex card that month. Shot down my TU score 50 points which for his score would be a nightmare. If he had a thicker file or better scores util % wouldn't be a big factor but for him it would be imo. I would just want to show usage to Capital one and maybe get a better card out of doing that
I understand that , but from what i gathered utilization only effects scores for that month. If you aren't planning on apping for anything in near future, you don't have to mess around with making sure you get in that 1-9% bracket. At least thats how i feel about utilization.
@gdale6 wrote:
@Anonymous wrote:Waz up everybody,been a lurker for awhile and decided to come out of my shell!
I applied for a Capital One secured card with a 200 dollar credit limit. My understanding is that I want to shoot for a 1-9% utilization rate,9% of 200 should be around 18 dollars of spending per month.So if my bill statement is around the 8th of every month,should i spend the $18 early in the monthly cycle and pay it out in full before my statement due date? Is this essential way credit utilization is addressed,any and all positive advice would be highly appreciated,Thanks.
If you have not yet received the card you can send a secure message asking when the statement will cycle, what you do is use it until 4 days before statement cuts (you dont want to get nailed with a charge posting the night of the statement cut), then one day before the statement cut date you would pay it all with the exception of 18.00, then your 18.00 reports, pay this within a few days of the statement cut and repeat it all again.
You guys are so freaking awesome,I love the desire of helping one another gain understanding of concepts in these community forums,Thanks!
@mongstradamus wrote:
@Closingracer99 wrote:
@mongstradamus wrote:
@Closingracer99 wrote:
@mongstradamus wrote:Just once an month buying lunch or something should suffice for proper utilization
TBH wouldn't going to the Max and making sure it doesn't post more then $20 be much better to show usage?
I was think like deli sandwich and snapple for lunch that shouldn't be that much. I think utilization is only important if you are going to apply for something soon imo.As long as you don't pay late you should be fine.
I only recently recovered from showing a maxed out discover card ... I also showed a $280 balance on my Amex card that month. Shot down my TU score 50 points which for his score would be a nightmare. If he had a thicker file or better scores util % wouldn't be a big factor but for him it would be imo. I would just want to show usage to Capital one and maybe get a better card out of doing that
I understand that , but from what i gathered utilization only effects scores for that month. If you aren't planning on apping for anything in near future, you don't have to mess around with making sure you get in that 1-9% bracket. At least thats how i feel about utilization.
I still wouldn't want my scores to drop specially at where he is at below 600 I wouldn't let it drop because every point counts at that stage
@Closingracer99 wrote:
@mongstradamus wrote:
@Closingracer99 wrote:
@mongstradamus wrote:
@Closingracer99 wrote:
@mongstradamus wrote:Just once an month buying lunch or something should suffice for proper utilization
TBH wouldn't going to the Max and making sure it doesn't post more then $20 be much better to show usage?
I was think like deli sandwich and snapple for lunch that shouldn't be that much. I think utilization is only important if you are going to apply for something soon imo.As long as you don't pay late you should be fine.
I only recently recovered from showing a maxed out discover card ... I also showed a $280 balance on my Amex card that month. Shot down my TU score 50 points which for his score would be a nightmare. If he had a thicker file or better scores util % wouldn't be a big factor but for him it would be imo. I would just want to show usage to Capital one and maybe get a better card out of doing that
I understand that , but from what i gathered utilization only effects scores for that month. If you aren't planning on apping for anything in near future, you don't have to mess around with making sure you get in that 1-9% bracket. At least thats how i feel about utilization.
I still wouldn't want my scores to drop specially at where he is at below 600 I wouldn't let it drop because every point counts at that stage
ok i can understand wanting to maximize score whenever you can :-) I still try to have one card report and sometimes i forget. The point i was trying to make is don't drive yourself crazy if you utilization is just an little bit off, when you are still rebuilding and gardening.
@mongstradamus wrote:
@Closingracer99 wrote:
@mongstradamus wrote:
@Closingracer99 wrote:
@mongstradamus wrote:
@Closingracer99 wrote:
@mongstradamus wrote:Just once an month buying lunch or something should suffice for proper utilization
TBH wouldn't going to the Max and making sure it doesn't post more then $20 be much better to show usage?
I was think like deli sandwich and snapple for lunch that shouldn't be that much. I think utilization is only important if you are going to apply for something soon imo.As long as you don't pay late you should be fine.
I only recently recovered from showing a maxed out discover card ... I also showed a $280 balance on my Amex card that month. Shot down my TU score 50 points which for his score would be a nightmare. If he had a thicker file or better scores util % wouldn't be a big factor but for him it would be imo. I would just want to show usage to Capital one and maybe get a better card out of doing that
I understand that , but from what i gathered utilization only effects scores for that month. If you aren't planning on apping for anything in near future, you don't have to mess around with making sure you get in that 1-9% bracket. At least thats how i feel about utilization.
I still wouldn't want my scores to drop specially at where he is at below 600 I wouldn't let it drop because every point counts at that stage
ok i can understand wanting to maximize score whenever you can :-) I still try to have one card report and sometimes i forget. The point i was trying to make is don't drive yourself crazy if you utilization is just an little bit off, when you are still rebuilding and gardening.
Oh for me I could care less But when your rebuilding I would rather not dab with losing Credit Score
@wacdenney wrote:FICO scores do not have a memory. It is a snapshot of your situation on that day. Utilization doesn't matter until you are ready to apply for more credit. Charge less than your limit and try to pay in full every month and you're fine. A couple of months before you intend to apply for more credit you need to start worrying about what's reporting how much balance.
Showing higher then 30% can hurt it though ... I posted 50% and got that dip
@Closingracer99 wrote:
@wacdenney wrote:FICO scores do not have a memory. It is a snapshot of your situation on that day. Utilization doesn't matter until you are ready to apply for more credit. Charge less than your limit and try to pay in full every month and you're fine. A couple of months before you intend to apply for more credit you need to start worrying about what's reporting how much balance.
Showing higher then 30% can hurt it though ... I posted 50% and got that dip
it should have only gone down that month? once you get your util back to 30ish score should have recovered at least that is what it did for me. I thought my amex te was reporting utilization, but 08 scores don't take into account au accounts. So i got an dip of about 30, when i had bcp reporting next month my score jumped back up to where it is now.