@Anonymous wrote:
@Anonymous wrote:My comments in blue below.
@Anonymous wrote:I have a few questions hoping to get some help.
1) My American Express Blue had a $9,000 credit limit and was just increased to $27,000 a couple days ago. Each month I pay the entire balance off. This month I was going to leave $1,300 on the balance. When this reports will this hurt my credit utilization in general toward my entire credit profile? Right now I'm using a total of 26% of all my credit that is at $100,000. I also had an increasement from Discover that has added another $3,000 total $21,000 extra toward my credit profile which will be $121,000 once the increasements hit.
I have never heard of an Amex card called the Silver. I just went to the Amex home site and could not find it there either.
Some Amex cards are known as "charge" cards and these do not count toward your utilization in FICO 8 or FICO 9. That means the balance on the card does not count toward your total CC debt, nor is there a credit limit that counts toward your total credit limit.
It's hard to know if your card is a charge card or credit card since I can't find it listed on that Amex page. But for understanding its utilization impact you'll definitely want to know if it is a charge card or not.
2) What is strange I had a 697 with Experian the date of my Amex and Discover CLI's. The very next morning my credit dropped 11 points due to a credit card that was accidentally maxed out at $300 (wife used) and two other accounts that increased a total of $954. I don't understand the drop when my entire credit to debit ratio is just 26%. Nothing negative on my report other than maxing out the one $300 card.
FICO cares about total utilization -- that's where you add all your credit limits together. But it also cares about individual utilization -- which is where each card and its limit is considered by itself. Your individual util on one card went to over 88.9%. There is a substantial penalty for that.
3) Will the $21,000 increasement bump my fico score up or it won't really matter?
See what I said earlier about charge cards. You need to find out whether that Amex card is a charge card or not.
Maybe someone knows the answer to at least one of the questions above? Thanks so much everyone for reading. I just don't undersand how my credit was climbing and out of nowhere an 11 point drop.
I apologize it is a blue Amex charge card. And.. thank you so much for the response! Big mistake on the $300 max out on my very first credit card. Dang what a mess. Now I have to wait for it to revolve around.
Considering the Amex Blue card is a charge with a new limit from $9,000 to $27,000 will this help increase my credit scrore at all. I left $1,300 on the blance this time and was hoping this wouldn't hurt me.
I'm sorry, I can't figure out what you're referring to.
1. I don't know what an Amex blue charge card is.
2. Amex charge cards don't have credit limits, so you don't have a charge card, you probably have an Amex credit card.
3. If you give us a more precise and correct description of what you're talking about, then maybe we can answer your questions.
@Anonymous wrote:I have a few questions hoping to get some help.
1) My American Express Blue [Cash Preferred credit card] had a $9,000 credit limit and was just increased to $27,000 a couple days ago. Each month I pay the entire balance off. This month I was going to leave $1,300 on the balance. When this reports will this hurt my credit utilization in general toward my entire credit profile?
No it won't
Right now I'm using a total of 26% of all my credit that is at $100,000. I also had an increasement from Discover that has added another $3,000 total $21,000 extra toward my credit profile which will be $121,000 once the increasements hit.
2) What is strange I had a 697 with Experian the date of my Amex and Discover CLI's. The very next morning my credit dropped 11 points due to a credit card that was accidentally maxed out at $300 (wife used) and two other accounts that increased a total of $954. I don't understand the drop when my entire credit to debit ratio is just 26%. Nothing negative on my report other than maxing out the one $300 card.
3) Will the $21,000 increasement bump my fico score up or it won't really matter?
No it won't matter
Maybe someone knows the answer to at least one of the questions above? Thanks so much everyone for reading. I just don't undersand how my credit was climbing and out of nowhere an 11 point drop.
The 11 point drop wasn't out of nowhere.