@Anonymous wrote:
@Gmood1 wrote:
@driftless wrote:
@Gmood1 wrote:Showing usage with their competitors could possibly help increase the limit on the card you really want a higher limit on.
The ccc's can't see your usage on other cards, utlization, yes, usage, no. The only way to show responsible use of credit to a ccc, with usage and payment, is to do it with their cards.
How do you figure? I can pull my reports and see the amounts reported from each lender. Some of the CB's actually show what the monthly bill was and how much I paid.
Why wouldn't they see the same report as I do?
The amounts are reported not each individual swipe, so it seems to me that reported utilization is the one thing but actual 'usage'
could be totally different.
Ex: with a 2000CL one could run 3000 in 'usage' thru during a statement period but at the time of statement closing (and credit reporting) the balance might only be $180 or a 9% reported utilization rate....and the 'highest reported balance' line wouldn't take into account all that 'usage' because it wasn't reported ( usage can be more of an internal matter between card holder and said vendor).
For many here that micromanage their reporting balances. This is a given.
For folks like me that let EVERYTHING report. Besides my one hidden trade line. They see the total amount I/ household spent on each card. One of them reporting above 18 to 20% utilization at times. I choose not to use cards now that cause me to have to pay them before they cut. That's why my Barclay's will be gone by the end of this week. I'll lose $5k but It will all work out in the end.
This is a very interesting topic, and as with many thing related to credit it's not only subjective from person to person, but even from lender to lender.
Some people on here say that certain lenders "like" to see lots of usage, while there's another camp that says this is only a meme and that it's the profile that matters, etc.
In my opinion - and in my experience - the truth is somewhere in-between. Usage isn't the "be-all and end-all" some will make it out to be, but it's not completely irrelevant, either, especially with some lenders such as Capital One.
Capital One seems to stand out a bit since they are known for citing lack of usage as a reason for denying a CLI.
Here's my own denial just from a few weeks back:
I do have a data point that might add to the conversation taking place on this thread... the card that was denied the CLI did have a BT for $2200 on it for a couple of months, so it has seen some usage (and earned them a few dollars in interest).
On the other hand my other QS card was granted a $1k CLI the same day this one was denied, and the only usage it's seen are tiny swipes with one exception - a single charge for $1500 back in February. Knowing all of this, it would seem that Capital One views usage differently if it's from a BT versus from 'actual' swipes.
@UncleB wrote:This is a very interesting topic, and as with many thing related to credit it's not only subjective from person to person, but even from lender to lender.
Some people on here say that certain lenders "like" to see lots of usage, while there's another camp that says this is only a meme and that it's the profile that matters, etc.
In my opinion - and in my experience - the truth is somewhere in-between. Usage isn't the "be-all and end-all" some will make it out to be, but it's not completely irrelevant, either, especially with some lenders such as Capital One.
Capital One seems to stand out a bit since they are known for citing lack of usage as a reason for denying a CLI.
Here's my own denial just from a few weeks back:
I do have a data point that might add to the conversation taking place on this thread... the card that was denied the CLI did have a BT for $2200 on it for a couple of months, so it has seen some usage (and earned them a few dollars in interest).
On the other hand my other QS card was granted a $1k CLI the same day this one was denied, and the only usage it's seen are tiny swipes with one exception - a single charge for $1500 back in February. Knowing all of this, it would seem that Capital One views usage differently if it's from a BT versus from 'actual' swipes.
+1
Each lender is going to see things differently. I haven't got that one from Cap One yet, but I suspect I will since I do have one card since the intro 0% ended, it rarely sees any use since the APR is high and I tend not to PIF I let my balances post often.
Another one I intepret as lack of use or heavy use I should say is the message from some lenders citing, limited experience at current credit limit ie Discover will hit you with that one. On AU card limit is $8k and about $800 runs through it each month. Also got this one from Amex on last credit limit request on my own card and age of account.
THis thread should be a good one at least for data points on experiences with different lenders.