High CLs (>$40K or so) don't factor into utilization calculation?

[smallfry]

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@fused wrote:

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@smallfry wrote:

My 35K Penfed card does not figure into my TU but EQ picks it up for utilization. Once PSECU reports I hope to be able to see if EX counts the 35K card in the utilization figure.

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Cool! Can we make a wager on this one, smallfry??? LOL!

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I have a feeling we'll just see a score and a couple positive/negatives reasons for it. Doubt we will get the full FICO treatment.

[BoSox617]

Thank you, Hauling, Fused, and Smallfry!

So if I were to manage my cards such that I maximize my utlization for all 3 reports, I would cap my CLs around $30K.  This approach wouldn't be necessary if balances were not to be carried.

Fantastic!   Really, thank you all very much  

[Anonymous]

Intersting.  I always get the comment that there are no recent balances on my revolving credit accounts  and the only card I use is my NFCU card with a $32,000 Limit.

[haulingthescoreup]

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@Anonymous wrote:

Intersting.  I always get the comment that there are no recent balances on my revolving credit accounts  and the only card I use is my NFCU card with a $32,000 Limit.

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Do you get this comment on TU also, or just on EQ? And this is a FICO report comment, right?

[haulingthescoreup]

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@BoSox617 wrote:

Thank you, Hauling, Fused, and Smallfry!

So if I were to manage my cards such that I maximize my utlization for all 3 reports, I would cap my CLs around $30K.  This approach wouldn't be necessary if balances were not to be carried.

Fantastic!   Really, thank you all very much  

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Again, do remember that it only seems to be TU98 that stops at $30K. We don't know how TU04 handles it, and EQ at least is higher.

When you're awash in CLI offers, consider whether pleasing an out-of-date score formula like TU98 is worth declining a humongous CL.

[BoSox617]

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haulinghtescoreup wrote:

Again, do remember that it only seems to be TU98 that stops at $30K. We don't know how TU04 handles it, and EQ at least is higher.

When you're awash in CLI offers, consider whether pleasing an out-of-date score formula like TU98 is worth declining a humongous CL.

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Good point, Hauling!

What I wonder though is how likely I would be able to grow my existing accounts up to $30K if I have one or more with CLs over $30K.  Based on what I've been reading, it might be a better approach for me to grow my accounts up to $30K (I've read some posts by folks stating they've been denied credit because "they have enough already", in the eyes of some lenders).  I am a little apprehensive of the possibility that having a CL say in the $40K range might make my other issuers less willing to allow me to grow their CLs.  Am I being too cautious here?

I'd like to get a house in a couple of years, so I'm trying to get all of my ducks in a row now.  I'm definitely taking an ultra-conservative approach by trying to tailor my plans to better ensure that my score will be at its maximum, regardless of what FICO model is being used.  I am not planning on carrying balances once I've paid everything off in a few months (unless I am pursuing something involving EQ, at which point I'd report a tiny balance), but one never knows what could happen.

I know that I don't really need to worry about maximizing my score at any given moment, but doing so has actually been great fun

Thanks!

[smallfry]

Bosox really all you need in the way of available credit is 50 times what you spend on your cards each month. Some might think this is a lot some not enough. That would put you at 2% utilization. I don't like to charge more than I can pay in one weeks earnings. 

[Anonymous]

TU only actually.

[haulingthescoreup]

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@Anonymous wrote:

TU only actually.

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Oh, right, of course. I wrote that backwards. It would be TU that's ignoring the big card, and not EQ. Thanks!

[vanillabean]

I happened to read an old thread the other day, in which one of the oldtimers had reason to believe that a combined monthly credit limit on Amex cards exceeding one third of one's annual household income may result in a FR. I hopefully remember this correctly and don't know if it's really so, but could be. For backdating purposes, you would want to keep each of your Amex credit limits low enough that you can get the number of cards you would like for a comfortable AAoA.