High Utilization over 70% I PIF each month. How to proceed to lower usage?

[Anonymous]

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@Anonymous wrote:

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I spoke with them awhile ago just to inquire about information but not actually request a CLI and they told me it's a soft pull at first if denied i can try again and authorize a HP. 

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I know nothing about WF CCs or their CLI (SP vs HP) "rules" but if that's true if I were you I'd be requesting a CLI every month following my payment/statement cut.  If it's a SP, you have nothing to lose and you're telling them you want/need the CLI.  The squeaky wheel gets the grease sometimes.  If you're unsuccessful with your CLI requests you should get some sort of literature from them giving a reason why and then you'll know what to work on.  It could hint at needing more time, for example.  You could always inquire with CS and see what they say.  Worst case you could take a HP (not sure if they use 1B or what) if it's really a limit you want raised sooner rather than later. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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I spoke with them awhile ago just to inquire about information but not actually request a CLI and they told me it's a soft pull at first if denied i can try again and authorize a HP. 

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I know nothing about WF CCs or their CLI (SP vs HP) "rules" but if that's true if I were you I'd be requesting a CLI every month following my payment/statement cut.  If it's a SP, you have nothing to lose and you're telling them you want/need the CLI.  The squeaky wheel gets the grease sometimes.  If you're unsuccessful with your CLI requests you should get some sort of literature from them giving a reason why and then you'll know what to work on.  It could hint at needing more time, for example.  You could always inquire with CS and see what they say.  Worst case you could take a HP (not sure if they use 1B or what) if it's really a limit you want raised sooner rather than later. 

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I figure at some point it will be all denials if you do it too often and possibly make you look more risky. During the during the middle of the 7th billing cycle if I don't have a increase i'll see about a SP CLI. If denied I probably should wait until my single HP drops off from TU to the point of no longer affecting score which WF uses before taking another HP. Perhaps the impact from taking anoher HP and a credit utilization reduection is less of a impact? 

[Anonymous]

A single HP present on a CR is a non-factor and isn't going to make or break any lending decision(s).

A HP becomes unscoreable after 365 days.  If yours is older than that, it can no longer be adversely impacting your score.  Depending on profile, a HP younger than 365 day may not be adversely impacting score anyway. 

I would not use the presence of 1 current HP on your CR as a reason to not take on a HP for a CLI if it's a CLI that you really want.  That one HP isn't going to [adversely] impact the decision that comes from the second HP.

[Anonymous]

I agree. Also, if you space out HP to about every 5-6 months they become less risky looking. 2-3 per year is rather low, it's when you rack them up monthly that causes concern.

[Anonymous]

To update this attempted a SP CLI with WF and was denied for my credit being too new and my income being too low. This was form UW. They did commend me for my high payments and PIF each month but couldn't do much more.

I decided for now to do multiple payments to bring util down until I can apply for more credit. Seems WF is unlikely to give me any more and i'll have to seek it elsewhere. I have no hope of a Auto CLI with them now.

Looking at a Cap1 Platinum at some point down the road. Chase freedom is what i'd want down the road but that is likely out. Unsure what thier income requirements are.

Also have decided to just maybe accept the fact my utilization will always be high and my scores will suffer. Starting to care less then I did before. It doesn't affect me too much since I don't actually carry balances to the next month and don't purchase things I can't afford. I also never take cash advances.

The only thing I foresee being a problem down the road is some form of AA due to high utilization but being PIF each month they may see as being ok as i'm not carrying that to the next month.

I don't blame them for the denial. If I was UW i'd likely deny it as well. WF is known to be consertive bank so perhaps I should be thankful that I at least have a card with them and not push my luck. 

At the end of the day utilization has no memory...

[Anonymous]

I'd just suggest making multiple payments to keep your reported utilization low for the time being.  That will of course allow your scores to be higher immediately and consistently if you keep it up, but that better "look" can only help you achieve CLIs.  In time with greater credit limits, you'll no longer have to micromanage your utilization with multiple payments.  Basically, if you put in the "work" now (micromanaging, multiple payments) it will allow you in time to not have to.  If you don't do that now, it will only make it harder to achieve additional credit, be it new account(s) or CLIs, so the problem that you've got will be prolonged.

[Anonymous]

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@Anonymous wrote:

I'd just suggest making multiple payments to keep your reported utilization low for the time being.  That will of course allow your scores to be higher immediately and consistently if you keep it up, but that better "look" can only help you achieve CLIs.  In time with greater credit limits, you'll no longer have to micromanage your utilization with multiple payments.  Basically, if you put in the "work" now (micromanaging, multiple payments) it will allow you in time to not have to.  If you don't do that now, it will only make it harder to achieve additional credit, be it new account(s) or CLIs, so the problem that you've got will be prolonged.

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That does make sense and likely a better plan just saying screw it and let things report high utilization. For now going to lump it two monthly payments.  Mid billing cycle for like 70-80% of the balance. The rest after the statement posts. I suppose I should try to bring myself below 10% if i'm going to put in the work which I can do to max scores.  

Next month I do expect to see some pretty major score jumps. 

Thanks for the advise! 

[Anonymous]

Get it under 7% for the best scoring results. There’s a scoring tier at 8.9%, and paying to 7% should keep you under 8.9% when interest is added. That can be worth as much as 10-15 additional points if you’re under 8.9% aggregate.

[Anonymous]

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@Anonymous wrote:
Get it under 7% for the best scoring results. There’s a scoring tier at 8.9%, and paying to 7% should keep you under 8.9% when interest is added. That can be worth as much as 10-15 additional points if you’re under 8.9% aggregate.

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Thanks for the heads up on that. I don't carry balances to the next month so interest does not apply to me. 

The other idea also is just pay it all down a few days before the statement posts besides a few dollars and then pay the few dollars after the statement posts. I think I can bring myself down to like 0.3% utilization if that changes anything  

Previously I was just using the grace period since it's free anyways. Allowed me to hang onto my cash longer. Not that I neeed to do that. If I want higher scores I guess I have to forgo that for now. 

I wonder at some point if WF and others will be annoyed with not carrying a balance and taking the rewards and deny me a CLI based on that. Probably not.  

I do want the Chase freedom for the 5% categories and likely would only use it for that. 

Anyhow talking too much here and what needs to be said is already done. 

Overall options and the choices are in my hands