CC Utilization

[smallfry]

How long should it take to see the results of bringing a CC down from 95% utilization to under 5% on your FICO score? All things being equal of course and they will be. Two or three months?

[Anonymous]

Reporting is the first step. Give your CC company a call and ask when they report to the bureaus. Ask for help, tell 'em you're trying to qualify for a car or home loan, and you'd like to know whether they can go ahead and report the updated balance.

[smallfry]

It's Capital One. Will it even help? They don't report a limit. How does FICO handle this CC? I don't want any debt on the card but would like a little luv for doing the right thing.

[Anonymous]

Hmmmmmm. That's a very goofy area. Cap 1 is claiming they are gonna start reporting limits by year end. But I tend NOT to believe 'em. I know they keep extraordinarily good and analretentive records. For them to claim it's not possible for them to report limits is complete hogwash.

Friend of mine used to work there in IT. They have an exhaustive amount of IT capability, even if they are a bit of a Charlie-Foxtrot.

Getting your balances down is certainly a good thing, but I have heard their cards tend to drive your FICO scores if you have any balance as the cards appear to be maxed.

Is this your only card? Try to bang the balance down to $0 if at all possible, and keep it there. Don't let even a $1 balance float. Watch your scores, and within a month or two you should experience a boost. Then try getting a better card. Keep Cap 1, but retire it from service or at least don't float a balance.

Message Edited by Noah_Bodie on 05-01-2007 08:21 PM

[smallfry]

Problem is it is my only CC. I don't need to use it. My problem is I think I fall into that done with subprime not ready for prime set. I don''t think I would qualify for a decent card even though my record has been absolutely spotless since my BK. 7 years. Might be worth a few hard inquiries to see where I stand on these other cards. whogavemecredit a decent place to start?

[Anonymous]

What are your FICOs?

You can also check here.

http://www.myfico.com/LoanCenter/Offers/CreditCards.aspx

AMEX Delta Sky Miles or AMEX One are supposed to be the easiest AMEX to get. Folks with FICOs in the low 600s, and I think even high 500s, have gotten AMEX cards.

Was there an AMEX card in your BK? I ask because they won't issue to you if you defaulted on one of their cards--at least until you pay up. Their Oasis program gets very good reports from those who entered it. Basically, you pay up what you owe 'em, and they will issue you an Optima Card. My understanding, they'll give you a card with a limit for half what you owed. For example, $3K debt paid off, and you get a $1500 limit. Pay on time, and in short order they extend CLIs, card upgrades, and issue other cards.

Message Edited by Noah_Bodie on 05-01-2007 08:36 PM

[smallfry]

Thanks I'll check them out. No AMEX wasn't in my bag. Just Capital One. I didn't stiff 'em for enough money. LOL.

[Anonymous]

"AMEX Delta Sky Miles or AMEX One are supposed to be the easiest AMEX to get"

While this is true, it's important to note that a delta can be converted to any other amex credit card (including the two hardest to get - blue and clear). The one can not be converted to anything.

[Anonymous]

Had a Amex back in college and believe I defaulted on it.  Long gone off my credit report.  Read somewhere on forum that Amex blacklists.  Is this really true?  Would like to try for Amex since credit is heck of a lot better and my utilization of cc's is under 13% total (have 4 cc's)

[Anonymous]

Amex has by far the most unforgiving blacklist. If you charge off an account, you won't be approved for anything until you pay back what you defaulted on (search for oasis). Heck, you'll even have troubles being an AU on anyone else's amex.