@Anonymous wrote:
Did your scores update yet?
No, not yet. No kind of alert on the Citi balance yet. I think it's odd that it's taking so long...the statement cut on the 2nd.
Chase Sapphire Reserve $30,000 | Amex BCP $30,000 | Discover It $30,000 | Citi Simp $16,500 | NFCU Cash Rewards $14,400 | Citi DC $9,800 | Chase Freedom $9,000 | VS $4,100 | Kohl's $3,000 | Loft $3,000
@Anonymous wrote:
That is odd. Please let me know, I'm in a similar situation. Not as high though.
Ok, I just took a look back at everything & realized there's more weirdness....
I have a Citi Simplicity which is the card I'm carrying a balance on at 0%. That statement cut on the 3rd. I did get an EQ alert on the 7th for that account, showing a balance decrease of $150. No change in score.
The Citi DC cut on the 2nd, showing the wayyyy out-of-the-ordinary balance of $1900-something. No alert on that one at all yet. Not sure what to think of it...just weird...
@LuckyBird wrote:
@Thomas_Thumb wrote:Whenever a balance gets reported that is more than 75% (or 80%) of your credit line, it is viewed as maxed out by most Fico scoring models.
I made a one time mistake of charging $3202 on a store credit card with a $4000 limit (80% utilization). Although my overall utilization (all cards) for the month stayed under 4%, my score Fico 4 score took a 40 point drop - from over 800 to 765. I always pay statements in full each month but that did not help. I called, asked for and eceived a credit line increase to $7500. Over the last year I have kept utilization under 15% on all individual cards and 5% overall. My score has rebounded to 796 but I still have a ways to go.
You may see a 30 to 60 point drop in your Fico 4 scores as a result of maxing out your card.
Note: my Fico 8 scores from all three CRAs reported at 850 so the Fico 8 model likely looks at payments relative to balance (e.g. pay in full every month) where as the Fico 4 model does not..
Although you might get a hard inquiry, I would suggest asking to have your credit line increased to $4000 or $5000 to reduce card utilization. Repeatedly charging up to near the limit on your card - even if you pay before the post date is problematic and may not trigger a credit line increase.
holy cow...
I don't monitor Fico 4 scores (have no idea where to find those) but I would hope NONE of them will drop that much...
At this point asking for a CLI wouldn't do any good...the balance has already reported. Also not willing to take a HP now. I don't have THAT many inquiiries - 4 to 6 on each CB - but I want to let them all age off. I have all the cards I need/want, so just letting everything rock along & only allowing SP's.
Not really comparable profiles.
If one is at 800, it implies a nearly pristine credit file, with very low utilization. I will agree that suddenly adding a high utilization card to that profile will result in a substantial score drop. The change from pristine to muddied has some points above average to take with it.
That does not sound like LB's profile however, which is in the lower 700's. At that level, a simple utilization shift is unlikely to result in a large points drop. Some points yes, but not 40.
