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Am I clear on utilization?

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Valued Member

Am I clear on utilization?

I’m not sure I’m clear on this. Individual card utilization versus overall utilization. My current UTL is 19% (which is the QS) But I use the card for business, so the UTL isn’t going anywhere and will fluctuate (probably over 28.9%).

 

So I’m thinking to get my UTL down, I need to get another card with a high limit (which I’m not ready to do until my EQ report is clean) to increase my overall available credit and in turn lower my UTL. Right, or am I missing something?

 

Also – When Cap1 takes over Walmart acct, all my eggs are going to be in one basket. Not loving that idea. Don’t really want a new card since I’ve had no INQ/HP in several years, but I’d like to get my UTL down.

 

DP

Cap1 QS - $15500 CL (typically charge $3-5K a month) and PIF EVERY MONTH.

Cap1 Plat - $750 CL – been SD for years. Used it last month ($40) just to keep it alive.

 

Walmart - $1900 CL been using it for fuel every month ($100-$150) for years, until last month when I stopped charging on it.

1.) Cap1 is taking over and didn’t a balance until takeover is complete.

2.) Just wanted to start having only one card reporting.

 

QS and Walmart CLI increase in July.

 

Burned Citi and Amex in BK7 in 2009.

Fico 8 Scores 9-5-19
Message 1 of 13
12 REPLIES 12
Established Contributor

Re: Am I clear on utilization?

I can't really answer your other questions, but I was wondering why you were worried(probably a bad choice of wording) about util if you PIF each month, and aren't seeking credit except to buffer your uti for the near future perhaps.

 

Your uti is very liquid compared to mine, which is way more static right now. I would check what part of the month your uti is the lowest & get your next card then, if you feel the need to.

 

I tend to not get multiple cards from the same lenders, except for NFCU, because they are just awesome.




Message 2 of 13
Valued Member

Re: Am I clear on utilization?


@Rebuilding69 wrote:

I can't really answer your other questions, but I was wondering why you were worried(probably a bad choice of wording) about util if you PIF each month, and aren't seeking credit except to buffer your uti for the near future perhaps.

 

Your uti is very liquid compared to mine, which is way more static right now. I would check what part of the month your uti is the lowest & get your next card then, if you feel the need to.

 

I tend to not get multiple cards from the same lenders, except for NFCU, because they are just awesome.


'Worried' works. Honestly, just trying get my Ficos above 800 and keep them there. When I go over 28.9% the numbers are going to take a hit. Unless I have more available credit, I think.

 

Read some good things about NFCU, but no military affliation.

Fico 8 Scores 9-5-19
Message 3 of 13
Super Contributor

Re: Am I clear on utilization?


@StillKicking wrote:

I’m not sure I’m clear on this. Individual card utilization versus overall utilization. My current UTL is 19% (which is the QS) But I use the card for business, so the UTL isn’t going anywhere and will fluctuate (probably over 28.9%).

 

So I’m thinking to get my UTL down, I need to get another card with a high limit (which I’m not ready to do until my EQ report is clean) to increase my overall available credit and in turn lower my UTL. Right, or am I missing something?

 

Yes you're missing the fact that you should be using the QS for personal use only, and you should have a business card for your business expenses. Most business cards do not report to personal credit, so you don't have to worry about utilization with them. Just make sure it's not Cap One, TD Bank, or Discover -- those are the miscreants whose business cards do report to personal credit.

 

Also – When Cap1 takes over Walmart acct, all my eggs are going to be in one basket. Not loving that idea. Don’t really want a new card since I’ve had no INQ/HP in several years, but I’d like to get my UTL down.

 

Well, you need a new card. So that's that.

 

DP

Cap1 QS - $15500 CL (typically charge $3-5K a month) and PIF EVERY MONTH.

Cap1 Plat - $750 CL – been SD for years. Used it last month ($40) just to keep it alive.

 

Walmart - $1900 CL been using it for fuel every month ($100-$150) for years, until last month when I stopped charging on it.

1.) Cap1 is taking over and didn’t a balance until takeover is complete.

2.) Just wanted to start having only one card reporting.

 

QS and Walmart CLI increase in July.

 

Burned Citi and Amex in BK7 in 2009.


 


Total revolving limits 719k (592500 reporting) FICO 8 scores: EQ 735 TU 782 EX 746
Message 4 of 13
Super Contributor

Re: Am I clear on utilization?


@StillKicking wrote:

@Rebuilding69 wrote:

I can't really answer your other questions, but I was wondering why you were worried(probably a bad choice of wording) about util if you PIF each month, and aren't seeking credit except to buffer your uti for the near future perhaps.

 

Your uti is very liquid compared to mine, which is way more static right now. I would check what part of the month your uti is the lowest & get your next card then, if you feel the need to.

 

I tend to not get multiple cards from the same lenders, except for NFCU, because they are just awesome.


'Worried' works. Honestly, just trying get my Ficos above 800 and keep them there. When I go over 28.9% the numbers are going to take a hit. Unless I have more available credit, I think.

 

Read some good things about NFCU, but no military affliation.


NFCU is good for personal, but not for business.

 

For a business card, I would recommend that you apply for Amex, Chase, or BOA. I know you said you burned Amex once, but I think after 10 years you won't have a problem.


Total revolving limits 719k (592500 reporting) FICO 8 scores: EQ 735 TU 782 EX 746
Message 5 of 13
Valued Member

Re: Am I clear on utilization?


@SouthJamaica wrote:

@StillKicking wrote:

@Rebuilding69 wrote:

I can't really answer your other questions, but I was wondering why you were worried(probably a bad choice of wording) about util if you PIF each month, and aren't seeking credit except to buffer your uti for the near future perhaps.

 

Your uti is very liquid compared to mine, which is way more static right now. I would check what part of the month your uti is the lowest & get your next card then, if you feel the need to.

 

I tend to not get multiple cards from the same lenders, except for NFCU, because they are just awesome.


'Worried' works. Honestly, just trying get my Ficos above 800 and keep them there. When I go over 28.9% the numbers are going to take a hit. Unless I have more available credit, I think.

 

Read some good things about NFCU, but no military affliation.


NFCU is good for personal, but not for business.

 

For a business card, I would recommend that you apply for Amex, Chase, or BOA. I know you said you burned Amex once, but I think after 10 years you won't have a problem.


Thanks SJ. This is the second time you've told me I need a business card. How do I go about a business card, if my business has no 'business credit'? Or do I just apply for a business card with my personal info?

Fico 8 Scores 9-5-19
Message 6 of 13
Super Contributor

Re: Am I clear on utilization?


@StillKicking wrote:

@SouthJamaica wrote:

@StillKicking wrote:

@Rebuilding69 wrote:

I can't really answer your other questions, but I was wondering why you were worried(probably a bad choice of wording) about util if you PIF each month, and aren't seeking credit except to buffer your uti for the near future perhaps.

 

Your uti is very liquid compared to mine, which is way more static right now. I would check what part of the month your uti is the lowest & get your next card then, if you feel the need to.

 

I tend to not get multiple cards from the same lenders, except for NFCU, because they are just awesome.


'Worried' works. Honestly, just trying get my Ficos above 800 and keep them there. When I go over 28.9% the numbers are going to take a hit. Unless I have more available credit, I think.

 

Read some good things about NFCU, but no military affliation.


NFCU is good for personal, but not for business.

 

For a business card, I would recommend that you apply for Amex, Chase, or BOA. I know you said you burned Amex once, but I think after 10 years you won't have a problem.


Thanks SJ. This is the second time you've told me I need a business card. How do I go about a business card, if my business has no 'business credit'? Or do I just apply for a business card with my personal info?


You don't need business credit to get a business card. The primary reason being that they're extending the credit more on the basis of your personal credit. You just need to have a business. The application will ask you questions about your business, but you don't need to have a business credit rating to get a card.

 

If you want to build up business credit then you should try to open some "Net 30" accounts with vendors that you use, but most don't report to any business credit bureau.

 

But I will tell you, I wouldn't delay on this, because Capital One is one of those lenders who will close your account, and declare you persona non grata, if they feel that you're using your personal account for business purposes.


Total revolving limits 719k (592500 reporting) FICO 8 scores: EQ 735 TU 782 EX 746
Message 7 of 13
Valued Member

Re: Am I clear on utilization?

Thanks SJ. I really appreciate the help. Now I'm feeling like I need a business card and a backup outside of Cap1.

 

Although, I have been using Cap1 for years for business without issue.

 

Time to do a little recon on some cards.

Fico 8 Scores 9-5-19
Message 8 of 13
Valued Contributor

Re: Am I clear on utilization?

Business card recommendations above are solid. Maybe Disco for a new personal card?


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Entering the garden 5/27/2019, staying until 2020




Message 9 of 13
Valued Member

Re: Am I clear on utilization?


@ImTheDevil wrote:
Business card recommendations above are solid. Maybe Disco for a new personal card?

Been kicking around the Disco idea...But the thought of new INQ/HP kinda pisses me off a little. LOL.

Fico 8 Scores 9-5-19
Message 10 of 13
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