My cc uti was really high last month, almost 100% but I just paid it down to when they all report I will be about 56% overall. Still high i know but having to pay down as much as I can at a time. I am antsy to see what kind of bump I get and won't know until the end of August. I need to learn patience! I have 8 cards total and 3 will be at 0 balance., 1 at 67% uti about and the others in the 70% range. I am hoping for a nice litlte bump since they were all considered maxed out and 3 are now at 0 balance.
Relax!!!
It really only matters if you're planning on app'ing for something soon, then worry about util for CLIs, and max scoring. Only us PSTD OCD myficoers only flip out when we're over 9% util.
...being serious though... going over 80% on a card could put up a red flag to the lender, saying you're "having problems managing credit."
Before joining here I had no idea maxing out cards was bad. I thought as long as I was making the payments it was all good. Since learning that I have been trying to pay them down but also pay on some collections. Now I really just want this paid down and I get so antsy after making the payment waiting on them to report to the CRAs. My first one won't report until August 15th and the last one on August 27th so I have a while to sit and wonder what kind of increase I will get.
Best advice I can give, from my own experience. Just concentrate on keeping the bills paid, and the reports clean. One day you'll just jump into the high range, and when that happens, the fun's over.
I am trying to app for a house loan sometime in the next 6 months so I really want this uti down!
Don't feel "rushed." It'll happen when the time is right. A few points in your score makes the difference for the points on your mortgage loan, and saving a few bucks every month, over the course of thirty years is worth it.
If all goes as planned I should be at around 36% uti when they report in Sep. I am a little OCD about all this! I have spreadsheets for all of it.
Question: My lowest balance is right under 200 on one card. When I make my next round of payments would I better off to bring that to a 0 balance and smaller payments on the rest or evenly distribute my funds?
Make a list of what you have -balance/limit.
*edit: I'm off. Others will jump in, I'm sure. Check back with this tomorrow morning.
After my last payments
Merrick - 418/550
Capital One - 383/500
orchard (now Capital One) - 395/500
Emblem - 228/300
Emblem -182/275
Macy's - 0/300
Target - 0/200
JCrew - 0/250
Since your utilization is at 76% and higher, you're treading dangerous water. Don't expect increases.
The more cards that show zero, the better off you are, until you just have one/two cards reporting under 10% util, at their reporting dates to the CRAs.
Good thing is that you're not dealing with four/five digit TLs, so you're still in control, even though it doesn't feel like it, huh?