You did exactly what you were supposed to do to try to raise your score based on what these forums consider to be the optimum utilization. For some people, even allowing less than $40 to report on the $500 card increases their score - it really depends from person to person. In the end, what you did last month should increase your score enough, so you should continue that pattern in months where you are looking to apply for new credit. I ignore utilization in every other month because no one is looking at my reports.
Whatever you do, make sure you always PIF by the due date to avoid interest.
Whatever you do, make sure you always PIF by the due date to avoid interest.
@Goose7 wrote:Thanks for the help everyone. I think I'm going to take the advice posted and pay off $256 which will leave me with 5% utilzation on this card (which is my only card with a balance) and see if that will report my new balance instead of paying it all off and risking it not reporting to the CRA's, and from then I'll just wait it out and watch my scores raise again. Thank You everyone I'll update this in a few months time.
Hope everything works out well for you.
@cmd0906 wrote:
Score dropped 9 points after I paid the $40 that I allowed to report last month. I guess I should have allowed another small balance to report. This util thing can be tricky. Myfico says that a change in my balance caused the drop.
I was thinking since the balance was decreased or paid in this case I would see a small point increase. So should I allow a small balance to report every month? I was aiming for every other month but it seems that didn't work.
Also, how do I quote a post? I can't for the life of me find the quote button. Lol
You should allow a balance of 1-9% to report on ONE card EVERY month. Rotating your cards works good so they're all reporting on a monthly basis. You actually earn less points for 0% UTIL than you do for 1-9% UTIL.
Hit "reply" on the post you want to quote and then the quote button is above the text box where you type.
