I am monitoring my credit as I self-financed my vehicle purchase with Cash and BT transfers on 2 cards while still using some cards for purchases that come up. Sometimes the statement closes when a charge appears and further adding to overall debt only to be paid off the following month.
I had an interesting jump in Fico points from a mere $4k CLI from US Bank that pushed me from 52% to 45% UTI.
Ex went up 10 pts
EQ didn’t respond as it hasn’t updated the $4k CLI
TU went up by 15 pts
My next card would be Citizens to work on, as I am in the garden and refuse to get a HP from them for a CLI, I will make an effort to pay down the card faster to get it below 50% mark.
Good example of why the question is raised, why do you need so much credit? Members should be asking for CLI on each card in case of situations like mine. That extra cushion helps out to go pass the utilization thresholds that Fico has.
Thanks for sharing this.
A few years ago I had only a few cards and they had much lower limits. I had around $5000 of unexpected expenses I had to put on credit cards. That maxed them out and made my credit scores look pretty bad. So maybe now I'm overcompensating, but I could put that amount of unplanned spend on whichever card gives me the best rewards. It wouldn't hurt that individual card utilization too terribly and would barely be a blip on my aggregate utilization. That's why I push for higher credit limits than I really expect to need. I might need it at some point.
EQ8 781, TU8 763, EX8 772 as of May 22