Credit score impact from balance

[Anonymous]

OP, if you want to avoid the hit for a maxed card, can you pay about $180 against the balance once it posts, and before it reports? If so, that'll get you under the 88.9% threshold for a maxed card when the purchase reports to the bureaus. You'll still get hit for high usage but you won't show other lenders a maxed out account and depending on the strength of your profile, that may make more difference than you think.

[Anonymous]

Fico score is just a snapshot in time.

If you have no need for other creditors to take a looksee (applying for anything else, CLI, etc)

then there is no reason to worry about your snapshot in time.

The one thing to worry is the over 88.9% being maxed out.

This may get your other creditors panties in a bunch, so best

to pay it down below that before your next statement cuts since the charge.

A score drop will rebound as you pay it down. 

And as long you do not have any late payments, this will just thicken your profile

with on time payments.

* I have done this countless times and since I have no late payments,

and never reported being over 88.9% maxed out (but have been over that!) 

It has obviously helped me.

Another thing to do asap, see if you can get CLI from synch, which now would be a good time to ask.

Be diligent with your balance and pay it down with a plan (seems like you are on track!)

good luck!

[SouthJamaica]

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@Anonymous wrote:

Hello,

I have a credit card with a 1,500 limit through Synchrony with Value City.

i paid it off months ago and it was a 0.00 balance. I just added 1,500 to it for new furniture....will this negatively impact my score or postively impact because of the payments being paid on time?

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Yes it will negatively impact your score.

[Anonymous]

Yes it will negatively impact your score temporarily. Yes it will negatively impact your score temporarily.

That’s what utilization does. Once you pay it down you get the points back. finances over fico.

[Anonymous]

Also just for everyone’s benefit, @Anonymous did a test; there’s no longer any .9’s you just have to get under 89% under 69% under 49 under 29 and under 9%.

[AllZero]

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@Anonymous wrote:
Also just for everyone’s benefit, @Anonymous did a test; there’s no longer any .9’s you just have to get under 89% under 69% under 49 under 29 and under 9%.

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I think I missed that post. I thought the .9 was to be under threshold in case interest fee was tacked on?

[thornback]

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@AllZero wrote:

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@Anonymous wrote:
Also just for everyone’s benefit, @Anonymous did a test; there’s no longer any .9’s you just have to get under 89% under 69% under 49 under 29 and under 9%.

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I think I missed that post. I thought the .9 was to be under threshold in case interest fee was tacked on?

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^^ My understanding as well. 

[Anonymous]

The point is the threshold is for example <29%. We thought due to a floating zero error that it would be rounded up and you had to hit <28.9 to hit 29%, but that’s not true, Just Hass to be under <29% to hit 29%.

Just Has to be under 9%, reported. Now if interest is a concern, oh course taking it into account, but the thresholds no longer have .9 on them, they just have to be below and under the whole number.

[Anonymous]

You were already supposed to be taking into account interest when you were doing <8.9%.

Now you take into account <9%.

[thornback]

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@Anonymous wrote:
The point is the threshold is under for example 29%. We thought due to a floating zero error that it would be rounded up and you had to hit 8.9 but that’s not true, Just Hass to be under 9%.

Just Has to be under 9%, reported. Now if interest is a concern, oh course taking it into account, but the thresholds no longer have .9 on them, they just have to be below and under the whole number.

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Gotcha. 

Well... just an FYI... I'm a creature of habit so will likely continue spreading the .9 thresholds around the forums for the forseeable future so please don't come at me for it 😂😜