@Anonymous wrote:
I currently have 4 cards in rotation.
PenFed Visa sig- for groceries
PenFed Cash Rewards - Gas
Chase Slate - Balance Transfer
CapOne QS1 - everything else
Here's my question, does it matter which one of these cards show a low balance, let's say 5% util.? Will one hold more weight when it reports? Would having two report a low balance hurt my credit score?
I believe it will be a YMMV. Everyone's credit report is different. If you find there is a difference for you it will be very small.
The main difference would be due to differences in CL's. Assuming the CC's have different lmits, 5% util on one card will equal a different total credit utilization.
Having two or more CCs report a balance, in general, will result in a lower score than having one card report a balance. The exception is for really high CL's. If you have a really high limit (over 35-40k), having a small balance on that card may not hurt your credit score. How high limit cards are scored may vary depending on the FICO model. This is similar to how charge cards are scored.
Lastly, remember that none of the above tweaks have any memory. They will not help you improve your long term credit score. They will only maximize you current credit score. Unless you need every last point right now, you can let multiple cards report. As long as you are PIF before the due date.
