No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Basic simple question that I hope someone will help me understand. Let's say you have $30,000 available credit to you per your CB reports. Your utilization is 50% let's say which is to high I know. I have maybe 6 cards I have never charged a penny on which I know I better or the accounts could be closed. I was able to increase those cards that I have never used by a $10,000 credit line increase. Only 2 of the increases actually reported the increases I suspect due to the fact I had once used those cards before but they do have zero balances. The other cards did not show the increases and I suspect because the cards had never been used Is that correct thinking? They show only the original opening line of credit granted. So is the only way those cards will report is if I make a small purchase and hopefully they report the use of card and the new credit line which in return increases my my total available credit and also reduces the overall utilization due to the increases. Of course the purchases I would make would be very small and paid off immediately. Am I right on how this works? Am I right in thinking that those increases...that is if they are reported will help my utilization and scores?? Thanks to anyone willing to answer my question. And these are not actual figures....and yes I am working on paying down my actual credit cards. Thanks.
I don't know for certain, but your scenario seems like it could be a reason. The reporting to the credit bureau may not be updating yet, though it depends on how long it has been since the CLI. If 3 months or more, then your scenario is most likely, if a shorter time, it just may be the slow movement of some CCC.
Use of the cards for small purchases is an important step you want to take. With the high utilization on several cards, you need to do what you can to maintain, keep open, the other cards so that your total utilization remains as low as possible. If the cards you aren't using get closed for non-use, then you are moving backward in your journey.
You do plan to use those not-used cards in the next week, right? And PIF just means, pay based on the statement amount, that full amount by the statement due date.