@Anonymous wrote:In short dont ever exceed 10% on one card, and never exceed 10% as a whole with your total combined credit
if card a has a 7000$ limit, never go over 700 on it, ever.
if card b has a 2000$ limit, never go over 200$
combine your limits of a and b for example, thats 900$
never go above the 900 total combined either.
keep each card under 10% and youll never go over the combined total of 10% either
Theres a scoring for each card though, just never go over 10% on any card and youll go up in score, simple.
if you dont have enough limit to do what you need and stay under 10, then DONT do it
starting is hard.
if you have one card only and its a 300$ limit, then get 25$ in gas, and consider yourself maxed out, and pay it on time. Thats all you get for now.
in the mean ptime charge those amazon orders to your bank, not a credit card.
as for him saying thera no reporting, thats bull.
sign up at credit karma and login once every two weeks.
dont pay it right away, and dont pay it late, every two weeks is a good time frame to pay cards back to 0
keyword there 0, yes, believe it
while the above posters advice is fairly sound. The key is to not let over 9% report to the credit bureaus. You can use your cards as much as you like, just make sure you pay them under 9% before the statement date. I prefer to pick a card to use each month and rotate the card I use every month or two leaving all other cards with a zero balance. This was the method I always used back in my 780 days.
@Anonymous wrote:In short dont ever exceed 10% on one card, and never exceed 10% as a whole with your total combined credit
if card a has a 7000$ limit, never go over 700 on it, ever.
if card b has a 2000$ limit, never go over 200$
combine your limits of a and b for example, thats 900$
never go above the 900 total combined either.
keep each card under 10% and youll never go over the combined total of 10% either
Theres a scoring for each card though, just never go over 10% on any card and youll go up in score, simple.
if you dont have enough limit to do what you need and stay under 10, then DONT do it
starting is hard.
if you have one card only and its a 300$ limit, then get 25$ in gas, and consider yourself maxed out, and pay it on time. Thats all you get for now.
in the mean ptime charge those amazon orders to your bank, not a credit card.
as for him saying thera no reporting, thats bull.
sign up at credit karma and login once every two weeks.
dont pay it right away, and dont pay it late, every two weeks is a good time frame to pay cards back to 0
keyword there 0, yes, believe it
How many points, exactly?
If one goes over 50% on one card, yeah, I can verify there is about a 7 point swing up or down (depending on which way you are crossing that 50% Utilization on the one card, down or up) but 10%? where's your data? How many points? Because I haven't seen much change as those cards which were swinging at 50% have been coming down to under 30%, then to under 20%.
Here's some data points at 10%:
On December 2 2015 I got 3 EQ alerts on the same day:
Chase Freedom went from $103 to $246, or 6% to 16% crossing 10%.
AMEX EDP was reported for the first time, with a 20% balance, so crossing 10% for sure.
Hyatt declined, did not cross a 10% boundary.
Total EQ hit: Negative 13 points for call it two cards going past 10%.
EX alerted same day, with Freedom, and no score change. EX already had the INQ earlier for the EDP and is generally slothful when reporting changes to score.
TU rolls the items on at a different pace, so I'll give it -6 points for the EDP new account and Freedom increases. However, this TU has been more sensitive to Number of Cards Reporting, as one or two or three end up with no balances, not so much balances in the range where I am.
So, there are some points there, but not a huge amount, and I'd expect the next threshold to be at 50%.
@Anonymous wrote:Hello,
I spoke with a Fico support person today about my transunion score dropping 15 points due to all bank card balances. I told him that only one card has a balance that is only 10%. He said that I should leave small balances on a least 3 or 4 cards so that there are changes to my credit scores. He said that when there are zero balances nothing will be reported. Not sure what to do to raise my scores.
That advice just isn't true.
It's fine to have mostly zero balances on your credit cards by the time the statements cut.
They will indeed be reported if there has been any activity during the billing cycle.
It's also fine to have nominal balances on the statements as well.
Main thing is to keep your utilization (i.e. statement balance divided by credit limit) at 9% or less.
