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1 credit card over 50% and credit score

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  • 1 credit card over 50% and credit score

    I recently acquired the Citi Double Cash card and mad a large purchase which took me to 60% utilization but my overall utilization is at 6% with all cards. I also noticed a 7 point drop on my transunion credit score and wondering if only having 1 card over 50% utilization would cause this.
    Thanks, Logan

    PS, for you credit haters out there this is a 0% card for over a year so I'm paying no interest. The money was spent for a well that saves me $1400 a year so I figured I'd just pay it off over the next year.

  • #2
    Citi Double Cash card is an excellent card. If you don't mind me asking, how did you get approved? Citi is well-known for auto-declining applicants with a BK showing.

    Yes, having a high utilization (>50%) is bad for your credit score. I'm surprised it only dropped 7 points, to be honest. Ideal utilization is 1 to 9%. General advice is to never have over 50% utilization report. The FICO algorithms penalize high utilization pretty severely, and underwriters will think you are overextended.

    Regarding "credit haters," your intentions are good but the road to my bankruptcy was paved with good intentions. Good luck.
    Chapter 7, above median, no asset. Discharged with no UST involvement.

    Comment


    • #3
      The general advice I have read says keep utilization below 30%.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment


      • #4
        Originally posted by TXskyblue View Post
        Citi Double Cash card is an excellent card. If you don't mind me asking, how did you get approved? Citi is well-known for auto-declining applicants with a BK showing.

        Yes, having a high utilization (>50%) is bad for your credit score. I'm surprised it only dropped 7 points, to be honest. Ideal utilization is 1 to 9%. General advice is to never have over 50% utilization report. The FICO algorithms penalize high utilization pretty severely, and underwriters will think you are overextended.

        Regarding "credit haters," your intentions are good but the road to my bankruptcy was paved with good intentions. Good luck.
        I can't tell you how I got the card, I just applied. Initially they gave me a 5k limit but I called and they ran my credit again and gave me 10k. I should have asked for more.
        As far as utilization, I have around 100k available in credit and I'm around 10% utilization but this particular card is at 60%. I thought it was overall utilization that affected the score not individual Account.
        Doesn't matter anyways since I don't care that much about my score I was just curious.

        6k on a 0% interest isn't going to bankrupt me again--lesson was learned.

        Logan

        Comment


        • #5
          Originally posted by Logan View Post
          As far as utilization, I have around 100k available in credit and I'm around 10% utilization but this particular card is at 60%. I thought it was overall utilization that affected the score not individual Account.
          It's both overall utilization and per-card utilization.
          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

          Comment


          • #6
            Originally posted by LadyInTheRed View Post
            It's both overall utilization and per-card utilization.
            Thanks, I'll let you know if it rises as I pay it off. It was at 714 and dropped to 708. That's transunion through Cap One.

            Comment


            • #7
              Worrying over 6 points seems pretty silly.

              Comment


              • #8
                Originally posted by avengers View Post
                Worrying over 6 points seems pretty silly.
                Ummm, not worried at all. Just curious. I guess you didn't read what I wrote?

                Comment


                • #9
                  You say you're not worried, yet you start a post asking why it happened. Seems to me like you're worried.

                  I was just rejected from a $300 credit limit Credit One Card, even though my FAKO is 699 (I was discharged a week ago). You're way ahead of me as far as credit goes, so don't worry about it.

                  Comment


                  • #10
                    Originally posted by Logan View Post
                    Ummm, not worried at all. Just curious. I guess you didn't read what I wrote?
                    Yeah dude, I just bought a car with a 40K loan at 2.29%. Not really worried about my score.

                    Comment


                    • #11
                      It's temporary anyway.. time beats all. during the 10yr between both my chp7's I got back to 750's and kept very high utilization.. but because the cards had a built up long history it became a norm or something to the credit gods and my score wasnt really affected by the over utilization...

                      Comment


                      • #12
                        Originally posted by Dis0314 View Post
                        It's temporary anyway.. time beats all. during the 10yr between both my chp7's I got back to 750's and kept very high utilization.. but because the cards had a built up long history it became a norm or something to the credit gods and my score wasnt really affected by the over utilization...
                        Don't be so sure. Maybe if your utilization hadn't been so high, your score would have been in the upper 700s or in the 800s.
                        LadyInTheRed is in the black!
                        Filed Chap 13 April 2010. Discharged May 2015.
                        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                        Comment


                        • #13
                          Same thing happened with my hubby. He had about 50% utilization on one card, and I let it report. His score dropped by 8 points. Paid it off the next month, score went back up by exactly 8 points.

                          Disclaimer: I was going off the score that was provided by this particular credit card and on CreditKarma. I thought it was interesting, but odd.
                          Filed No Asset Chp 7 BK: January 2010
                          Discharged: August 2010
                          A life lesson well learned.

                          Comment


                          • #14
                            I ended up paying off the card that was over 50% and my transunion score on credit karma jumped 23 points. It's actually 4 points higher than its ever been. Credit Karma just started reporting experience and that one jumped 24 points.

                            Logan

                            Comment


                            • #15
                              Originally posted by Logan View Post
                              As far as utilization, I have around 100k available in credit ...
                              I find it hard to believe that any creditor would give credit to someone with a BK on the credit report who could go bellyup on a total of $100K. I would tend to think that they don't want to see someone with a BK history be in the position where BK would be a big financial advantage.

                              Comment

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