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Trying to understand what to report

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Trying to understand what to report

This forum has been extremely helpful. Been working on my credit and I can see the positive impact. This is my current situation and don't know if im doing it right.

 

I have the following cards:

 

Cap1 CL 750 Balance 555

Cap1 CL 750 Balance 438

Barklay Card CL 1500 Balance 880

Care Credit CL 1000 Balance 290

 

0 Balance

Macys

Amazon

Lowes

 

I just paid off both Capital One cards to 0. 

 

Will this lower my fico score or should i let something report? Im trying to pay down all my debt. I started at 606 and im currently around 660 on my scores. My utilization is at 33% overall without my Cap1 cards reporting 0 . They will report on the 4 and 6 of next month.

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Moderator Emeritus

Re: Trying to understand what to report

Let at least one balance report and you'll be doing fine.

 

Even if you muck that up it can be fixed by letting a balance report.




        
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Super Contributor

Re: Trying to understand what to report


@Almostthere93 wrote:

This forum has been extremely helpful. Been working on my credit and I can see the positive impact. This is my current situation and don't know if im doing it right.

 

I have the following cards:

 

Cap1 CL 750 Balance 555

Cap1 CL 750 Balance 438

Barklay Card CL 1500 Balance 880

Care Credit CL 1000 Balance 290

 

0 Balance

Macys

Amazon

Lowes

 

I just paid off both Capital One cards to 0. 

 

Will this lower my fico score or should i let something report? Im trying to pay down all my debt. I started at 606 and im currently around 660 on my scores. My utilization is at 33% overall without my Cap1 cards reporting 0 . They will report on the 4 and 6 of next month.


This is usually done best by not adding new charges to the cards you are not able to pay in full, it makes it easier to get in front of the interest cost.

 

Now that the CapOne cards are at zero, and you still need to buy groceries and gas, I'd use CapOne cards for those basic spend items and PIF. Since they have been reporting balances, it should be fine to continue letting them report these small amounts. Your scores will continue to climb with added months of no more negatives, as whatever negatives you have continue to fade into the past.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
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