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Credit usage?

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Established Member

Credit usage?

Trying to figure out this whole credit card balance scenario. I have 3 cards.  My Quicksilver capital one has a limit of 950, with a 0 balance.  Platinum capital one has a 1400 limit, at this time I have a 89 balance on the card.  Major Financial card with a 5000 limit and 0 balance.  
Should I let the 89 dollar balance report or should I pay the card down to 0 on the statement date? It seems as though when I pay the 89 dollars off my credit score drops. I am trying to continually raise my score to qualify for a mortgage loan.  Any advise/help would be greatly appreciated.

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Super Contributor

Re: Credit usage?

You want at least AZEO; All Zero Except One card reporting a balance. Let the $89 report before you pay it off.

 

For your reading pressure from Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20

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Super Contributor

Re: Credit usage?


@nelslt wrote:

Trying to figure out this whole credit card balance scenario. I have 3 cards.  My Quicksilver capital one has a limit of 950, with a 0 balance.  Platinum capital one has a 1400 limit, at this time I have a 89 balance on the card.  Major Financial card with a 5000 limit and 0 balance.  
Should I let the 89 dollar balance report or should I pay the card down to 0 on the statement date? It seems as though when I pay the 89 dollars off my credit score drops. I am trying to continually raise my score to qualify for a mortgage loan.  Any advise/help would be greatly appreciated.


The safest bet is to let one card report a balance before you pay it off while the other 2 report zero balances.

 

For the 2 Capital One cards, the statement balance is the reported balance.

 

I'm not familiar with Major Financial.


Total revolving limits 653000 (575000 reporting)

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