Re: Have you had high cc usage for a planned expen... - myFICO® Forums

Anonymous · ‎07-05-2015

In a week or so I am initiating some home improvements and repairs. I know the charges to my cc will be way over the ideal limit until I pay it(them) down, but I now have zero interest on several cards so now is the time to do it. Has someone done this and seen their credit scores sink to the bottom of the barrel? I am thinking I should just not look at scores while I am doing these necessary things and just continue paying down the balances until my credit scores recover. How badly did your credit take a hit if you have done this? Was it worth it to you? (I only just got these scores in the last weeks due to utilization and new accounts.)

Oh, and what is considered 100% usage? How close to the limit can I go?

Thank you for any responses.

stellar · ‎07-05-2015

"Oh, and what is considered 100% usage? How close to the limit can I go?"

I've read/heard anything from 70-75-80-85-90-95% is considered "maxed out". But I guess it depends on who is determining it: FICO formulas, credit card issuers or???

gdale6 · ‎07-05-2015

100% is considered 100% usage. Fico considers any individual card that reports in excess of 89% of its CL to be maxed out and assigns an additional ding on top of the individual utilization ding.

Anonymous · ‎07-05-2015

@gdale6 wrote:
100% is considered 100% usage. Fico considers any individual card that reports in excess of 89% of its CL to be maxed out and assigns an additional ding on top of the individual utilization ding.

Thank you! I needed to know that!

Anonymous · ‎07-05-2015

I have only done this with RH. Meaning up to the max. Scores were okay. Nothing much really. But never did this with my major cc's. Only up to 25% for furniture which I'm probably going to pay within 2 months. Then I'll do it all over again. Over UT is not that high. I try and spread my spending over a few cards. Might be easier to put it all on one but I'm too chicken to try.

Anonymous · ‎07-05-2015

@Anonymous wrote:
I have only done this with RH. Meaning up to the max. Scores were okay. Nothing much really. But never did this with my major cc's. Only up to 25% for furniture which I'm probably going to pay within 2 months. Then I'll do it all over again. Over UT is not that high. I try and spread my spending over a few cards. Might be easier to put it all on one but I'm too chicken to try.

That is an option I have (to use a few cards). I will do that. Don't know why I hadn't thought about it before.

Anonymous · ‎07-05-2015

@Anonymous wrote:
@Anonymous wrote:
I have only done this with RH. Meaning up to the max. Scores were okay. Nothing much really. But never did this with my major cc's. Only up to 25% for furniture which I'm probably going to pay within 2 months. Then I'll do it all over again. Over UT is not that high. I try and spread my spending over a few cards. Might be easier to put it all on one but I'm too chicken to try.
That is an option I have (to use a few cards). I will do that. Don't know why I hadn't thought about it before.

Best way to go! I have the RH down much lower now and will pay it off shortly. But all other furniture is going on 3/4 cards. No red flags and no high UT.

Anonymous · ‎07-05-2015

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I have only done this with RH. Meaning up to the max. Scores were okay. Nothing much really. But never did this with my major cc's. Only up to 25% for furniture which I'm probably going to pay within 2 months. Then I'll do it all over again. Over UT is not that high. I try and spread my spending over a few cards. Might be easier to put it all on one but I'm too chicken to try.
That is an option I have (to use a few cards). I will do that. Don't know why I hadn't thought about it before.
Best way to go! I have the RH down much lower now and will pay it off shortly. But all other furniture is going on 3/4 cards. No red flags and no high UT.

Thank you, Sandi! You saved me from myself. lol

Anonymous · ‎07-05-2015

You're very welcome.

Anonymous · ‎07-05-2015

Have you had high cc usage for a planned expense that lowered your FICO scores?

Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Have you had high cc usage for a planned expense that lowered your FICO scores?

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Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

Re: Have you had high cc usage for a planned expense that lowered your FICO scores?

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