@Anonymous wrote:Ok, so I have 6 Cards, mostly use my CITI card for everything 2% cash back card for everything (bills $3-$4k a month, $20k+ credit limit), Bank of America 3% gas card for mostly gas and other things (bills $500 per month, $5k credit limit), AX card for grocerys (bills $700 per month, $10k limit), then 3 captial one cards (bills $20-$300 per month each, $1-$5k credit limit each). And my credit score has always been around 810.
Few months ago Bank of America allowed you to change your 3% cash back category, so I switched it from gas to online shopping. My spending is the same, except the Citi card only bills around $1k a month, but my Bank of America card bills $2-3K per month). My credit score dropped to 762.
Is this correct?
Should I try to raise my Bank of America credit line? It's been $5k since I got the card (about 7 years ago), but my citi card automatically increases the credit line every few months (not sure if that will make Bank of America decline me?) or should I waist a few months so Bank of America and see I am paying the card with the higher balances ($2-$3k versus $500 per month before) every month?
For what it's worth I always pay the full balance and have never missed a payment or been late.
And the key factors that are affecting my FICO score have been the same two things as always.
(1) lack of installment loan info (don't need a loan)
(2) too many cards with balances (6 cards and all of them have balances, so should I stop using a few? one card I run about $20 a month gym, another card $50 per month internet).
If I read this correctly. Having all accounts show a 0 balance on statement day and no card reports a balance. You will lose points. Doesnt matter how much you spend. Its whats reported. Have one of your cards report 2-4% (works for me) Then pay it off before the due date. Rinse and repeat.
@Firemedic1 Alternatively, all cards could be reporting a balance on every statement date, and he’s paying in full near or on the due date. Now instead of 10% utilization, BoA is reporting anywhere between 40-60% utilization, despite being paid in full every month.
If this is the case, I’d say OP should pay off BoA a few times a month to keep utilization low and get his scores back. Then see about getting a limit increase to avoid having to do that every month. It would also be beneficial to pay some cards early so they report a $0 balance. Of course, scoring is only most important before applying for something, but if you’re like me, seeing those higher scores every month is a nice little ego boost.
If this is the case, I’d say OP should pay off BoA a few times a month to keep utilization low and get his scores back. Then see about getting a limit increase to avoid having to do that every month. It would also be beneficial to pay some cards early so they report a $0 balance. Of course, scoring is only most important before applying for something, but if you’re like me, seeing those higher scores every month is a nice little ego boost.
As noted above, the BofA card jumped in utilization. The absence of an installment loan means credit mix is narrow, more impacted by revolver credit utilization.
Ask BofA for a SP CLI. Now should be fine. Since it is SP, they may not see this score drop yet, but your increased spend / shift of spend justifies the increase.
Visit the Understanding FICO scoring forum, and look for the Share Secured Loan thread. It is an inexpensive way to broaden your credit mix, without buying a new car.
Ask BofA for a SP CLI. Now should be fine. Since it is SP, they may not see this score drop yet, but your increased spend / shift of spend justifies the increase.
Visit the Understanding FICO scoring forum, and look for the Share Secured Loan thread. It is an inexpensive way to broaden your credit mix, without buying a new car.
