Okay here's one for conversation..... We all know cc co's like cap1 like to not report limits (does anyone know why??) What about co's like chase who report the limit and high balance seperately......so here's my question, what IF I were to charge it over 50% during the month, but paid it off before cycle date, so the current balance was below 50% but it changed the high balance to a number OVER 50% of the limit. (following me?) Does this HURT our scores? I know most of us don't care, we're going to do it anyway.... free money!
It has been our experience that a change in high balance doesn't have any effect at all. All that seems to matter is the balance on the statement date. We've done several short term BTs with Chase and paid them off entirely right at the end of the statement cycle. The high balance went up, the balance stayed at zero and the scores didn't change. DemPooches
Sounds good to me, thanks pooch! I bought my tu fico tonight and almost passed out. It's (cough) lower than I expected. Thankfully FEW people in TN use it. I quote: "Factor 1: AVERAGE BALANCE OF BANKCARD ACCOUNTS IS TOO HIGH HIGH BALANCES ON THESE ACCOUNTS HAVE A NEGATIVE IMPACT ON YOUR CREDIT SCORE. LOWERING YOUR BALANCES ON THESE ACCOUNTS MAY IMPROVE YOUR CREDIT SCORE. Factor 2: PERSONAL FINANCE ACCOUNT BALANCES ARE TOO HIGH IN PROPORTION TO CREDIT LIMITS CONSUMERS HAVING HIGH BALANCES ON THESE ACCOUNTS IN RELATION TO THE CREDIT LIMITS ARE MORE LIKELY OF FUTURE DELINQUENCY. LOWERING YOUR BALANCES ON THESE ACCOUNTS MAY IMPROVE YOUR CREDIT SCORE. Factor 3: TOO MANY RECENTLY OPENED ACCOUNTS YOUR CREDIT REPORT REFLECTS A NUMBER OF RECENTLY OPENED ACCOUNTS, WHICH HAS A NEGATIVE IMPACT ON YOUR CREDIT SCORE. LIMITING THE NUMBER OF NEW ACCOUNTS MAY IMPROVE YOUR CREDIT SCORE. Factor 4: LENGTH OF TIME OLDEST BANK REVOLVING ACCOUNT HAS BEEN ESTABLISHED IS TOO SHORT LONGER CREDIT HISTORIES PROVIDE MORE PAYMENT BEHAVIOR INFORMATION. CONTINUING PROMPT PAYMENTS OVER A LONG PERIOD OF TIME ON THE SAME ACCOUNTS MAY IMPROVE YOUR CREDIT SCORE." This is total bull (well the exception of the new credit...cough).....and gosh my credit history is almost 6 years lol. My utilization is 40% which is too high, but we are going to pay it down. The other bummer is one card (best buy reported as 767 of 767 instead of of 3500 cl it is).....the other puzzling thing is that I don't have any personal finance accounts. Yuk.
