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@Thomas_Thumb wrote:
@Anonymous wrote:You know, I don't think I looked at my older versions while carrying a balance. Only my Fico 8 and 9s which were not affected..
The older Fico 98 version reported by Experian looks at charge card current balance (B) divided by high balance (HB) for individual card utilization. For my AMEX green card high balance is the highest reported statement balance. I have an approved $50k "hidden limit" for the card. However, this limit is not used in any calculations -after all, it's hidden.
I was not putting much spend on my AMEX green card and had a low HB of $1200. A couple years ago I decided to report more spend on the card to bump up HB. I did this to give provide more spend room without negatively impacting my EX mortgage Fico score. [best to keep individual card UT % under 29% from a Fico score perspective - IMO]. Here's what I did.
a) One month put $1997 on card => UT = 100%, 1997/1997 for that month
b) Subsequently put $2803 on card => UT = 100%, 2803/2803 for that month.
With a $1200 HB I hit 29% UT at a $348 statement balance. With a $2803 HB I now won't hit 29% until statement balance reaches $812. Sure, I took a EX Fico 98 hit for having B/HB report at 100% a couple times. However, I wasn't looking for new credit then. Now I have more flexibility.
Question, @Thomas_Thumb
When you say "high balance" is it the highest reported balance, or the highest internal balance.
The reason I ask is that I always thought it referred to the internal, intra-cycle, balance without regard to what balance was being reported by the time the statement cut. But now that I actually have a personal charge card for the first time, I see that it reported zero balance -- which is the statement balance -- as the highest balance even though I had been using the card for the past 2 months.
@SouthJamaica wrote:
@Thomas_Thumb wrote:
@Anonymous wrote:You know, I don't think I looked at my older versions while carrying a balance. Only my Fico 8 and 9s which were not affected..
The older Fico 98 version reported by Experian looks at charge card current balance (B) divided by high balance (HB) for individual card utilization. For my AMEX green card high balance is the highest reported statement balance. I have an approved $50k "hidden limit" for the card. However, this limit is not used in any calculations -after all, it's hidden.
I was not putting much spend on my AMEX green card and had a low HB of $1200. A couple years ago I decided to report more spend on the card to bump up HB. I did this to give provide more spend room without negatively impacting my EX mortgage Fico score. [best to keep individual card UT % under 29% from a Fico score perspective - IMO]. Here's what I did.
a) One month put $1997 on card => UT = 100%, 1997/1997 for that month
b) Subsequently put $2803 on card => UT = 100%, 2803/2803 for that month.
With a $1200 HB I hit 29% UT at a $348 statement balance. With a $2803 HB I now won't hit 29% until statement balance reaches $812. Sure, I took a EX Fico 98 hit for having B/HB report at 100% a couple times. However, I wasn't looking for new credit then. Now I have more flexibility.
Question, @Thomas_Thumb
When you say "high balance" is it the highest reported balance, or the highest internal balance.
The reason I ask is that I always thought it referred to the internal, intra-cycle, balance without regard to what balance was being reported by the time the statement cut. But now that I actually have a personal charge card for the first time, I see that it reported zero balance -- which is the statement balance -- as the highest balance even though I had been using the card for the past 2 months.
It depends on the card issuer.
a. For my Best Buy store card; HB is the highest balance on the card. I PIF all cards after statement received. In the case of Best Buy another charge (or two) posted before due date but after statement was cut. The reported HB was greater than my highest statement balance.
b. For my AMEX charge card; HB has always been equal to highest statement balance.
@Thomas_Thumb wrote:
@SouthJamaica wrote:
@Thomas_Thumb wrote:
@Anonymous wrote:You know, I don't think I looked at my older versions while carrying a balance. Only my Fico 8 and 9s which were not affected..
The older Fico 98 version reported by Experian looks at charge card current balance (B) divided by high balance (HB) for individual card utilization. For my AMEX green card high balance is the highest reported statement balance. I have an approved $50k "hidden limit" for the card. However, this limit is not used in any calculations -after all, it's hidden.
I was not putting much spend on my AMEX green card and had a low HB of $1200. A couple years ago I decided to report more spend on the card to bump up HB. I did this to give provide more spend room without negatively impacting my EX mortgage Fico score. [best to keep individual card UT % under 29% from a Fico score perspective - IMO]. Here's what I did.
a) One month put $1997 on card => UT = 100%, 1997/1997 for that month
b) Subsequently put $2803 on card => UT = 100%, 2803/2803 for that month.
With a $1200 HB I hit 29% UT at a $348 statement balance. With a $2803 HB I now won't hit 29% until statement balance reaches $812. Sure, I took a EX Fico 98 hit for having B/HB report at 100% a couple times. However, I wasn't looking for new credit then. Now I have more flexibility.
Question, @Thomas_Thumb
When you say "high balance" is it the highest reported balance, or the highest internal balance.
The reason I ask is that I always thought it referred to the internal, intra-cycle, balance without regard to what balance was being reported by the time the statement cut. But now that I actually have a personal charge card for the first time, I see that it reported zero balance -- which is the statement balance -- as the highest balance even though I had been using the card for the past 2 months.
It depends on the card issuer.
a. For my Best Buy store card; HB is the highest balance on the card. I PIF all cards after statement received. In the case of Best Buy another charge (or two) posted before due date but after statement was cut. The reported HB was greater than my highest statement balance.
b. For my AMEX charge card; HB has always been equal to highest statement balance.
Great. Thanks for the information. I was thinking Amex. I thought those were the only charge cards.