I have the same problem as just_curious and am really frustrated! I have 9 ccards, some with no limit and some with $40k and higher available. I'm a business owner and there are times when I may have thousands of dollars outstanding at one time. For the most part, these balances are paid off in full, but there are times when I carry balances when there's a fixed 0% rate on a particular card. I can pull my credit report and they show up as revolving balances, even when the entire balances are paid before they are due. I've never had a deliquent payment and have the income to support the charges. It really frustrates me that because of this my score varies from the low 700s to the upper 600s. The only reasons listed are that the % of cc debt to the limits is too high. I understand that each report can't be tailored to each individual, but there has got to be a better way! My score was always in the 800s before starting my business. It seems unfair to be punished b/c the "norm" seems to be people who get in over their heads with cc debt!
Let me pick this one apart and Timothy will have to correct me because.I will use his explanation.
1. Small fry you opened a business 2. Your credit before the business was in the 800’s 3. Since your business your credit score is high 600’s to low 700’s Timothy is in essence saying: Separate your business credit from your personal credit.You spend or need more money to operate your business than what you would for your personal expenditures. How does fico know...? Before we ponder this one…..
Timothy do you remember that just curious was telling us how he spends a lot of money each month on his credit cards, he also indicated that he benefits by spending on these cards because he takes advantage of the cash back features. He also made it a point to let us know that he has cc’s that have no limits…..He is also suffering a lower credit score despite his excellent payment history….now can we put this together….
Timothy could it be that when frustrated gets a reason of % of cc debt to the limits is too high it is because the credit cards that have specific limits total combined is just say 10000 dollar cl and frustrated is using her cc that are unlimited that will show beyond 10000 or close to it. This may indicate that in essence the percent of her cc debt to the limits is really too high and why timothy states that the unlimited amounts get taken out of the utilization....(not your exact words but similar)
So this sort of explains it to me…if it is in fact a truth…….that is why that other guy suffers. And perhaps why she is suffering too.
So can anyone agree or refute this or make better sense…
I think credit cards with a limit of 40K are still counted in the utilization. Mine is.