Credit Utilization
Dec 28, 2012 | 5:45 pm
#16
Moderator: Chase Ultimate Rewards
Join Date: Apr 2005
Location: SFO
Programs: UA 2P, MR LT Plat, IHG Plat, BW Dia, HH Au, Avis PC
Posts: 5,664
Or they'll use your "high balance" as a proxy for the credit limit. Lots of anecdotes on myfico's forums.
Dec 28, 2012 | 7:09 pm
#17
Join Date: Aug 2011
Location: DFW
Programs: AA PLT, HH Gold, SPG/Marriott Gold
Posts: 1,091
Dec 28, 2012 | 8:49 pm
#18
Moderator: Chase Ultimate Rewards
Join Date: Apr 2005
Location: SFO
Programs: UA 2P, MR LT Plat, IHG Plat, BW Dia, HH Au, Avis PC
Posts: 5,664
There ARE recent threads about it at myfico. If you take the time to research it, I'd be interested to know what you find out about recent practices.
Dec 28, 2012 | 9:15 pm
#19
Join Date: Aug 2011
Location: DFW
Programs: AA PLT, HH Gold, SPG/Marriott Gold
Posts: 1,091
I'm not sure, since it hasn't really affected me enough to track it down. What I'd heard is that more of the recent Chase products actually report the CL so, as a consequence, it's less of an issue for many people. But I hadn't heard that the practice itself was going away.
There ARE recent threads about it at myfico. If you take the time to research it, I'd be interested to know what you find out about recent practices.
There ARE recent threads about it at myfico. If you take the time to research it, I'd be interested to know what you find out about recent practices.
Dec 28, 2012 | 10:30 pm
#20
Join Date: Aug 2012
Programs: BofA Preferred Rewards
Posts: 625
That practice stopped awhile ago. Nearly all Visa Signature cards report credit limits.
Dec 29, 2012 | 2:50 am
#21
Join Date: Oct 2012
Posts: 970
Frankly, 800 FICO means you are a bit of a sap...
Dec 29, 2012 | 4:38 am
#22
Join Date: Nov 2012
Location: NYC
Posts: 398
800 FICO means you aren't using your credit to your best advantage. I thought like you as well until I realized that people with 740+ FICO got same mortgage rates as I. And despite substantially lower FICO scores, perversely they were getting far more value from lower credit score - because they were churning and getting fat award bonuses. Now my FICO is around 750 and utilization is around 5-7% - and I now have a million miles/points that provide tens of thousands of value that I was otherwise not taking advantage of.
Frankly, 800 FICO means you are a bit of a sap...
Frankly, 800 FICO means you are a bit of a sap...
http://www.bloomberg.com/news/2012-0...-over-800.html
Dec 29, 2012 | 9:08 pm
#23
Original Poster
Join Date: Jul 2011
Posts: 97
800 FICO means you aren't using your credit to your best advantage. I thought like you as well until I realized that people with 740+ FICO got same mortgage rates as I. And despite substantially lower FICO scores, perversely they were getting far more value from lower credit score - because they were churning and getting fat award bonuses. Now my FICO is around 750 and utilization is around 5-7% - and I now have a million miles/points that provide tens of thousands of value that I was otherwise not taking advantage of.
Frankly, 800 FICO means you are a bit of a sap...
Frankly, 800 FICO means you are a bit of a sap...
Dec 29, 2012 | 10:24 pm
#24
Join Date: Dec 2012
Posts: 7
do the credit card companies report the balance of our score on any given day or what is left over after you pay the statement? if it is the former, if one were to pay off an entire balance every month, the credit card may still report a balance? how can they tell if you pay off the entire balance every month?
Dec 29, 2012 | 10:32 pm
#25
Moderator: Chase Ultimate Rewards
Join Date: Apr 2005
Location: SFO
Programs: UA 2P, MR LT Plat, IHG Plat, BW Dia, HH Au, Avis PC
Posts: 5,664
Most report whatever is showing as the balance on the statement. A few report whatever your balance is on the first of the month.
So, unless you time your payment to hit before the statement closes, no one will know what you pay off vs. carry over.
(Although some agencies also show payment amount, minimum payment due, etc. But what factors into utilization is usually the statement balance.)
So, unless you time your payment to hit before the statement closes, no one will know what you pay off vs. carry over.
(Although some agencies also show payment amount, minimum payment due, etc. But what factors into utilization is usually the statement balance.)